- Vantage Drilling's (NYSEMKT:VTG) struggles were exacerbated by the corruption scandal at Petrobras (NYSE:PBR), VTG's lawyer to a bankruptcy judge today at the initial hearing in the court-supervised restructuring of the company’s affiliates.
- Even as low oil prices have sent several energy companies to bankruptcy, VTG says its affiliates filed for Chapter 11 after Brazilian prosecutors charged a Chinese shipping executive and a Brazilian working on behalf of VTG with bribing key PBR executives and politicians to land a lucrative drillship leasing contract for the company.
- VTG’s Offshore Group Investment subsidiary hopes to revive a $1.7B deepwater drillship contract that PBR terminated in September, the lawyer said.