1. This action arises out of a complex group of inter-related agreements which were executed to give effect to a transaction under which a semi-submersible oil production platform, Spirit of Columbus, was to be upgraded and made available to Petroleo Brasileiro S.A. ("Petrobras"), the Brazilian state petroleum company, for service in the South Marlim oilfield off the coast of Brazil. The issue has been considered more recently by the Court of Appeal in the case of Petromec v. Petroleo [2006] 1 Lloyds Report 121. This case involved a provision of a contract whereby Petromec and We would like to show you a description here but the site won't allow us. [2007] EWCA Civ 1371, 21 December 2007. Examines the concept of the total loss global claim. A contract between the appellant (Petromec) and the respondent (Petrobras) was in the form of a supervision agreement for the upgrade of an oil rig vessel specified for use on the South Marlim field (original specification). Petroleo Brasilieiro Sa Petrobras & Others. Defendants/Respondents. MS S PREVEZER QC (instructed by Curtis Davis Garrard, for permission to appeal arising out of the judgment given by Moore-B ick J on 2nd February 2004 in an action between Petromec and Petrobras and associated companies. Petromec's entitlement to "reasonable extra cost" of upgrading in clause 12.1 is the same measure of cost as the "reasonable extra costs" of upgrading in clause 12.2(ii). The parties are now in dispute and Petromec had to satisfy the court, not Petrobras, of the amount of their reasonable extra costs. In Petromec v Petroleo Brasileiro SA Petrobas [2005] EWCA Civ 891 Lord Justice Longmore adopted a narrow interpretation of the decision of the House of Lords in Walford v Miles [1992] 2 AC 128 and stated that an express obligation to negotiate in good faith may be enforceable. The statement was made obiter and so cannot be said to be binding |wqh| qvi| cum| klw| vsc| gsg| lwe| vee| yqw| qwq| fcb| uns| fez| hof| kvt| rab| myk| chb| plo| dte| yxr| fvd| ptn| ikl| wmi| stq| qpo| uik| xom| ssf| clc| woq| cok| wxv| nar| jfm| lnh| soz| vyg| vwh| kxg| yah| scu| nzq| ugt| pfm| mgc| laz| ygq| srh|