8,415 Active Recruiters     Over 2 Million Candidates Globally

  1. Keep me logged in
  2. forgot password

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

Petrobras Contract Penalties Swing Vantage Drilling to Profit

Published in Oil Industry News on Thursday, 15 August 2019

Graphic for News Item: Petrobras Contract Penalties Swing Vantage Drilling to Profit

Vantage Drilling reported net income of $590.7 million for the second quarter of 2019, thanks to payments of more than $700 million by Petrobras for terminating drilling vessel contracts.

The net income stems from the recent payments by Petrobras of approximately $690.8 million to Vantage Deepwater Company, and by Petrobras America, a subsidiary of Petrobras of approximately $10.1 million to subsidiary Vantage Deepwater Drilling, Inc.

Hot Tip

Other job sites dump your CV into a database and let recruiters shift through thousands of candidates to find out who is available. With Oil and Gas People you just update your profile every 60 days to stay visible and at the top of recruiter searches.

Hot Tip

Thousands of recruiters use oilandgaspeople.com to post jobs and find suitable candidates. We are the industry’s most popular job and news site. If you are in the market for a new job you need to have a profile on our site.

The dispute arose following the Petrobras’s parties’ termination of the Agreement for the Provision of Drilling Services for the Titanium Explorer dated February 4, 2009. The Petrobras parties claimed the Vantage parties had breached their obligations under the drilling contract. The Vantage parties immediately filed the international arbitration claim for wrongful termination of the drilling contract.

Ihab Toma, CEO, commented. “I am very pleased about our agreement with the Petrobras parties and their payments’ to us in aggregate of approximately $701 million. Separately, I am pleased to report that we continue to achieve operational and safety excellence, recording 99% revenue efficiency for the quarter and over two years without a lost time incident. We remain focused on providing the best service to our customers.”

In July 2018, the international arbitration panel ruled in favor of the Vantage entities, rendering an arbitration award of $622 million plus interest against Petrobras. In May 2019, the U.S. District Court for the Southern District of Texas confirmed the arbitration award and denied the Petrobras parties’ petition to vacate the award.

Source: www.worldoil.com

Please leave comments and feedback below


Brail Oil and Gas, Petrobras Oil and Gas, Total Oil and Gas, Oil and Gas News

Oil and Gas News Archive

Latest Oil & Gas News

Featured Companies

  • View All JobsOMPA

    Offshore Marine People & Academy (OMPA) is a global provider of personnel and training to the renewables, oil & gas, telecommunications and marine industries.

    With over 15 years' industry experience, we work with candidates to match them to the right roles and equip them with the skills and knowledge needed to succeed. Our job is to exceed your expectations.

    Visit us online: offshorempa.com

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com