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Oil Rig Sinking Cause Brazil*
Insurers to Pay $497 Million to Petrobras
State-controlled Petroleo Brasileiro, or Petrobras, said it signed an agreement to receive about $497 million from an insurance contract for the loss of its P-36 oil platform, which sank in waters off Brazil in March. It expects to receive the funds by mid-July. A report on an investigation into the accident, released last week, said an open valve that allowed oil, water and gas to flow into the wrong tank triggered a series of blasts that led to the death of 11 workers and loss of the $350 million rig. Petrobras said last month that losses from reduced production after the rig's sinking are expected to total $100 million this year.
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