The results are the first step for the Brazilian oil firm to try to regain investor confidence after the country’s largest bribery scheme was uncovered
Brazil’s state-run oil company, Petrobras, has said it lost billions of dollars because of executives taking bribes for awarding inflated contracts to suppliers.
The company released its long-delayed fourth quarter results that included a writedown of 6.2bn real (£1.4bn) and more than $7bn in overall losses for the financial year. It attributed the losses to corruption between 2004 and 2012 when 3% of each major contract was paid to politicians and executives.