The United States District Court Southern District of New York entered a judgment confirming the International Chamber of Commerce’s arbitration award against Pemex Exploration & Production (PEP), a subsidiary of Pemex, the Mexican national oil company.
This judgment consists of approximately US$355m for the original judgment plus interest and approximately US$106m for performance bonds plus interest.
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 KBR executive vice president and general counsel Andrew Farley. "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."
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