Atwood Turnkey Drilling, Inc. v. Petroleo Brasileiro, S.A. v. International Underwater Contractors

DUHE, Circuit Judge:

In this breach of contract case the national oil company of Brazil, Petróleo Brasi-leiro, S.A. (Petrobras), seeks interlocutory review of a preliminary injunction granted by the district court. We affirm.

FACTS

Petrobras contracted with an American company, Atwood Turnkey Drilling, Inc., et al, (Atwood), for the drilling of oil wells off the coast of Brazil. As security for the sums due Atwood under the contract, Pe-trobras furnished Atwood a letter of credit issued by an American bank and guaranteed by the Export Import Bank of the United States (EXIM). Following…