Diamond Offshore wins court case against Petrobras

Offshore driller Diamond Offshore has made a step forward in a court case against Petrobras, stemming from an early rig contract termination last year.

Petrobras terminated the contract for the Ocean Valor rig in August 30, 2016. The drilling contract was originally estimated to conclude in October 2018.

Diamond Offshore then, a day later, on August 31, 2016, filed a lawsuit against Petrobras in the 17th Lower Court of Rio de Janeiro Central District, claiming that Petrobras’ purported termination of the contract was unlawful and asking the court to order Petrobras to continue to comply with its obligations under the contract and to pay monetary damages for its unlawful termination.

On September 13, 2016, the presiding judge in the case issued a preliminary injunction, suspending Petrobras’ termination of the contract and ordering that the contract remain in effect until the end of the contract term or further court order. As a result of the injunction, the contract remained in effect and was not terminated.

On October 4, 2016, Petrobras filed an appeal, requesting that the injunction order be overturned.

According to Diamond Offshore, the presiding panel of appellate judges on Wednesday, March 15, 2017, ruled unanimously against Petrobras’ appeal and upheld the injunction. As a result of the favorable ruling, the injunction and the Ocean Valor contract each remain in effect.

Petrobras has the right to seek to appeal the ruling to the Superior Court of Justice.

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Posted on March 17, 2017

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