Brazil’s Petrobras loses $400 million court case to Paragon Offshore

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FILE PHOTO: The facade of the headquarters of Petroleo Brasileiro S.A. (PETROBRAS) is pictured in Rio de Janeiro

SAO PAULO – Brazil’s Petrobras said on Thursday that a Rio de Janeiro state court has ruled against the state-run oil company in a case brought up by drilling contractor Paragon Offshore Nederland BV.

The company, formally known as Petroleo Brasileiro SA, said in a securities filing that the judicial loss was seen at 1.9 billion reais ($398 million), of which 59 million reais were already written down.

Petrobras said it will appeal the ruling.

($1 = 4.7720 reais)

(Reporting by Gabriel Araujo; editing by Jason Neely)