Petrobras: We have approved an agreement with investors to settle an individual action in the US

We have approved an agreement with investors to settle an individual action in the US

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Today, our Board of Directors approved the signing of an agreement to end an individual action brought before the Federal Court of New York, USA, by a group of affiliates of Discovery Global Citizens Master Fund, Ltd. (“Global Discovery”).

We have already entered into agreements to end nineteen other individual actions before the Federal Court in New York, USA, and one individual action before the US Federal Court of Pennsylvania, USA.

To reflect the agreements entered into, as well as the ongoing negotiations with plaintiffs of other individual actions, the estimated total provisions, which amounted to $445 million for the second quarter of 2017 (of which the amount of $372 million has already been provisioned), now goes on to be $448 million.

At the moment, we are unable to make a reliable estimate of the outcome of the class action.

These agreements, the terms of which are confidential, are intended to eliminate uncertainties, burdens, and costs associated with the continuation of such disputes, and they do not constitute any acknowledgment of liability on our part. We will continue to vigorously defend ourselves in other ongoing lawsuits.