Petrobras Settles US Litigation with EIG Energy for $283 Million

In a significant move to resolve ongoing legal disputes, Petrobras has announced that its board of directors has approved a settlement agreement with EIG Energy in the United States, involving a payment of $283 million. This decision comes as part of the company's strategy to manage its legal contingencies effectively.

The Brazilian oil giant stated that the settlement amount has been provisioned in its financial statements and has been updated since 2022, indicating a proactive approach to financial management. The litigation, which was filed against Petrobras in the U.S. District Court for the District of Columbia, pertains to EIG's investment in FIP Sondas, a former shareholder of Sete Brasil.

Under the terms of the agreement, upon receiving the payment, EIG will request the dismissal of the lawsuit and waive any further claims related to the dispute. Importantly, Petrobras emphasized that this settlement does not imply any admission of guilt or wrongdoing on its part.

In a statement released on Friday evening, Petrobras highlighted that the agreement aligns with the best interests of the company and its shareholders. The decision takes into account the complexities of U.S. law relevant to the case, as well as the current stage of the litigation and the nature of disputes in U.S. Federal Courts.

This settlement marks a crucial step for Petrobras as it navigates the intricate landscape of international legal challenges while focusing on its core operations and shareholder value.