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)