Houston-based KBR on April 10 said it has settled a 12-year dispute with Mexican oil production firm PEMEX over construction of a Gulf of Mexico natural-gas platform, now that a U.S. appellate court in New York City has approved a $435-million arbitration award KBR received from an international tribunal in 2009. Claiming that KBR failed to meet the terms of its EPC contract, PEMEX in 2004 rescinded it and confiscated the platforms. KBR said the decision ends its collection efforts, but CEO Stuart Bradie told Maritime Executive, an industry publication, that PEMEX still could appeal the decision to the U.S. Supreme Court or seek a rehearing.
Court Awards KBR $435M in Long Contract Battle
April 12, 2017