KBR, a global engineering and construction firm, might be a step closer to recovering almost half a billion dollars it has been owed by the Mexican oil company Pemex.
Namely, the company has moved forward in resolving a decade-long litigation initiated after Pemex failed to pay Commisa, a KBR subsidiary, for the construction of offshore platforms.
According to KBR, Commisa built and delivered two offshore natural gas treatment processing and reinjection platforms to Pemex, which have been working and used by Pemex since 2004, “but for which Commisa was never fully compensated.”
In a statement on Thursday, KBR said the United States Second Circuit Court of Appeals denied Pemex’s petition for rehearing on a judgment in favor of Commisa in excess of $465 million. The judgment was affirmed in August 2016, but Pemex then applied for a rehearing.
“We are encouraged by this positive result for KBR’s subsidiary Commisa and believe this moves us another step closer to recovering substantial amounts long overdue for work performed decades ago,” said Stuart Bradie , President and CEO of KBR.
Offshore Energy Today has reached out to Pemex, seeking comment. We will update the article with any response we receive.
Offshore Energy Today Staff