FILE PHOTO: A man walks in front of the Brazil’s state-run Petrobras oil company headquarters in Rio de Janeiro, Brazil December 5, 2018. REUTERS/Sergio Moraes/File photo
RIO DE JANEIRO (Reuters) – Brazilian state-run oil firm Petroleo Brasileiro SA will record a 1.3 billion-real ($326 million) provision in its first-quarter results due to an ongoing dispute with a bankrupt rig lessor, it said on Thursday.
In a securities filing, Petrobras, as the firm is known, said the provision was based on the “current stage of litigation” with Sete Brasil Participacoes SA.
Petrobras is due to report its first-quarter results May 7.
Founded in 2008 to fill the world’s biggest deep-water drilling fleet order, Sete Brasil had to file for bankruptcy in 2016, sagging under 18 billion reais