Announcement: December 2018: Karl Stern Named “Litigator of the Week” by Texas Lawyer for $622 Million Win Against Petrobras in Arbitration

Karl Stern was named the “Litigator of the Week” by Texas Lawyer after winning a $622 million arbitration award for Vantage Deepwater against Petrobras in a claim for breach of contract. Vantage Deepwater and Petrobras entered into an eight-year contract regarding a drilling rig in the Gulf of Mexico in 2009. When Petrobras terminated the contract after only 2.5 years, oil prices had collapsed and there was a glut of rigs on the market. With no replacement contract for the rig, Vantage plunged into bankruptcy. Mr. Stern led the arbitration, with the panel accepting all Vantage’s arguments and awarding it the entire claimed amount of $622 million.