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This excerpt taken from the PBR 20-F filed May 22, 2009. P-34,
which is located in the Barracuda-Caratinga fields, affected the
ship’s water balance system and causing the FPSO to roll.
Four days later, the stability of the ship had been restored,
without casualties or spill of oil into the sea. As a result of
the investigation of this accident, several measures to prevent
similar accidents were incorporated into our Programa de
Excelência Operacional, or PEO (Operational Excellence
Program). In connection with the accident, we also executed a
Termo de Ajustamento de Conduta (Agreement for
Regularization of Conduct), or TAC, with IBAMA, agreeing to
conduct certain actions in the Campos Basin to reduce the risk
of environmental damage. The Federal Public Ministry challenged
the validity of the TAC in 2003 and attempted to prevent us from
obtaining new licenses from IBAMA for our platforms located in
the Campos Basin. We obtained a favorable court decision, which
was appealed by the Federal Public Ministry. The Court decided
the appeal partially in favor of the Federal Public Ministry. We
challenged this decision and are awaiting judgment.
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