KBR (NYSE: KBR) announced today that the United States District Court Southern District of New York has entered a judgment for $465 million confirming the International Chamber of Commerce’s arbitration award against Pemex Exploration and Production (PEP), a subsidiary of Pemex, the Mexican national oil company.
This judgment consists of approximately $355 million for the original judgment plus interest and approximately $106 million for performance bonds plus interest. The amount of the value added tax has yet to be determined.
PEP has 30 days to post security for the entire amount.
"This is not just a win for KBR but a win for all international companies doing business with Mexico, Pemex and PEP," said Andrew Farley, Executive Vice President and General Counsel. "While KBR has been seeking the rightful payment for its outstanding contract fees from PEP since 1997, Pemex and PEP have benefited from KBR's work. It is now important that Pemex and PEP fulfill their legal obligations and pay the full amount of the arbitration award to ensure companies will see Mexico as a reliable investment option."Full transcript of Judge Hellerstein’s final judgment is available on KBR’s website ( http://bit.ly/1asyIq5). KBR is a global engineering, construction and services company supporting the energy, hydrocarbon, power, industrial, civil infrastructure, minerals, government services and commercial markets. For more information, visit www.kbr.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV