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Petrobras to Pay $283mn to Settle EIG Dispute
March 10, 2025
Petrobras said that its board approved an agreement to settle a US court dispute with EIG Energy Fund XIV. This includes a $283mn payment by Petrobras as part of the resolution. The Brazilian state-owned petroleum company said that the above amount has been provisioned in its earnings. EIG will request the dismissal of the lawsuit and release any rights related to the dispute. The dispute concerns EIG’s investment in FIP Sondas, which held a stake in Sete Brasil. Sete Brasil was established to build and operate drilling rigs for Petrobras’s pre-salt oil exploration projects. However, the company faced financial difficulties and filed for bankruptcy in 2016. Subsequent investigations uncovered corruption involving Petrobras executives and contractors, leading to significant financial losses for investors like EIG.
Petrobras’ dollar bonds were trading stable with its 6.5% 2033s at 100.81, yielding 6.37%.
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