Petrobras has approved a $283 million settlement to resolve a U.S. court dispute with EIG Energy Fund XIV, stemming from EIG’s investment in FIP Sondas, a former shareholder of Sete Brasil. This payment is included in Petrobras’s earnings provisions as disclosed in a securities filing.
On Friday, Brazil’s state-run oil company, Petrobras, announced the approval of a settlement agreement concerning a U.S. court dispute with EIG Energy Fund XIV. As part of this settlement, Petrobras will pay a total of $283 million. In its securities filing, the company indicated that this amount is accounted for in its earnings provisions. The legal matter originates from EIG’s investment in FIP Sondas, a former shareholder of the drillship company Sete Brasil.
In conclusion, Petrobras’s decision to settle the dispute with EIG Energy Fund XIV for $283 million reflects its proactive approach towards legal matters affecting its operations. This financial provision demonstrates the company’s commitment to resolving issues in an effective manner, ensuring the stability of its assets and relationships.
Original Source: www.newsbreak.com
