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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...

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