Brazil's Petrobras loses $400 million court case to Paragon Offshore
Reuters
Published Mar 31, 2022 08:41AM ET
SAO PAULO (Reuters) - Brazil's Petrobras said on Thursday that a Rio de Janeiro state court has ruled against the state-run oil company in a case brought up by drilling contractor Paragon Offshore Nederland BV.
The company, formally known as Petroleo Brasileiro SA, said in a securities filing that the judicial loss was seen at 1.9 billion reais ($398 million), of which 59 million reais were already written down.
Petrobras said it will appeal the ruling.
($1 = 4.7720 reais)
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Written By: Reuters
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