"""First I will start by saying that this stock is a high risk and reward stock. Therefore you should not! put all your money in such stocks, I don't, but I of course bet some""""



I think this one is very interesting!!!


Their compensation claim is 720 million NOK!



For those who are not familiar with the matter:


" Published at 07 Jan 2025

Claimant alleges substantial financial harm over Petrobras’ alleged failure to repair undersea pipelines.

Seacrest Petroleo Bermuda, the Hamilton-headquartered , yesterday (6 January) confirmed that it has

against Petróleo Brasileiro (Petrobras), Brazil’s state-owned oil company, over allegations of unfulfilled contractual obligations concerning pipeline repairs. The announcement follows an injunction obtained on 27 December 2024 in a Rio de Janeiro court, temporarily barring Petrobras from enforcing a payment of approximately USD 71 million owed by Seacrest Petroleo subsidiaries, SPE Cricaré and SPE Norte Capixaba.

The payment, originally due on 31 December 2024, pertains to post-closing consideration for the acquisition of the Cricaré and Norte Capixaba clusters. However, Seacrest Petroleo asserts that Petrobras’ failure to complete essential repairs to the Terminal Norte Capixaba (TNC) subsea pipelines has caused significant financial harm, justifying the suspension of payment.

On 16 April 2024, SPE Norte Capixaba submitted an indemnity claim in writing to Petrobras, detailing damages of USD 38.78 million incurred up to that date. This claim was updated on 13 December 2024, reflecting increased cumulative damages of USD 71.2 million.

ICC INTERNATIONAL COURT OF ARBITRATION

In a stock exchange filing dated 6 January 2025, Seacrest Petroleo confirmed that its subsidiaries had formally filed a request for arbitration with the ICC International Court of Arbitration seeking multiple remedies, including an indemnification from Petrobras for damages incurred due to its failure to fulfil its obligations to repair the TNC subsea pipelines which are critical for the logistics and offtake of production from the Cricaré and Norte Capixaba clusters.

The company is also asking for a suspension of the enforceability of the USD 71 million post-closing payments due under the respective purchase and sale agreements for the two clusters. According to Brazil’s Civil Code, a party in breach of its obligations is not entitled to demand performance from the counterparty.
BASIS OF THE CLAIM

The repairs, which Petrobras was contractually obliged to finalise within a reasonable timeframe, remain incomplete nearly 20 months after the agreement’s closing in April 2023 and are essential for transporting heavy oil and ensuring that Seacrest Petroleo’s production meets specifications for very light sulphur fuel oil (VLSFO). The company claims this delay has caused damages amounting to USD 71.2 million as of December 2024.

According to a statement published on Seacrest Petroleo’s website, ”Petrobras’ failure to perform its obligations and restore the pipelines to the temperature and pressure specifications for which they were designed has, during that 20 month period, forced the company to sell an off-spec blend of its production at significant discounts to Brent, which has severely impacted the company’s revenue, profitability and reputation”. It is a matter of public record that the company’s share price has fallen more than 98% in the past 12 months.

Earlier today (7 January) ICLG News spoke directly to John de los Santos, head of investor relations at the company. Mr de los Santos declined to give any further information about the claim or to name the company’s legal representatives.


https://iclg.com/news/22111-seacrest-petroleo-bermuda-initiates-arbitration-against-petrobras





"On 2 May 2025, by Order of the Court, the hearing date for the petition dated
20 February 2025 for the winding up of the Company was adjourned to 8 August
2025."

https://newsweb.oslobors.no/message/645446



"
Seacrest Petroleo presents debt reorganization plan
28th April 2025 12:27 PM

By Lucy Monteiro

Seacrest Petroleo has submitted its debt restructuring plan to a Sao Paulo court, according to a court document dated 25 April.

The Brazilian independent oil and gas production company is proposing asset sales to repay creditors. If the asset-sales process does not take place during a certain period set in the plan, secured and unsecured creditors would be repaid with profit-sharing bonds."

https://ionanalytics.com/insights/debtwire/seacrest-petroleo-presents-debt-reorganization-plan/