Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Petrobras Cancels Drilling Services Contract With Ensco

Jaclyn Jaeger | January 8, 2016

U.K.-based Ensco said this week in a filing with the Securities and Exchange Commission that its customer, Brazil state-owned oil and gas company Petrobras, cancelled its contract for a drilling services contract because of alleged irregularities with respect to contracting prior to the company’s acquisition of Pride International in 2011.

Ensco said the alleged irregularities involved a former third-party marketing consultant of Pride to provide services in connection with the DS-5 drilling services contract.

On Jan. 4, Ensco received a notice from Petrobras asserting that Petrobras believes the DS-5 drilling services contract is void. According to Ensco, “without specifying any supporting facts or conduct, Petrobras’ notice alleges that Pride had knowledge that the shipbuilder of DS-5 made improper payments to the former third-party marketing consultant who then...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.