Siem Offshore do Brasil has been notified of the final unfavorable decision of a Brazilian court in a lawsuit filed against Petrobras. The case is related to late delivery of the vessel Siem Maragogi from yard back in 2015. A late delivery penalty charge was imposed by Petrobras on Siem Offshore do Brasil. The penalty charge has been accrued for in previous years’ accounts and will not have any impacton the Profit and Loss account for 2022. The unfavorable decision of the court will have a negative cash effect equivalent to USD 4.8 million.

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