UPDATE 2-Pemex loses U.S. appeal of $465 mln arbitration judgment

martes 2 de agosto de 2016 16:38 GYT
 

(Adds KBR comment, incorporates interest in calculation of total judgment)

By Nate Raymond

NEW YORK Aug 2 (Reuters) - A U.S. appeals court on Tuesday upheld a decision confirming a $465 million judgment won through arbitration by a unit of KBR Inc in a contract dispute with Mexico's national oil company, Pemex.

The 2nd U.S. Circuit Court of Appeals in New York let stand a decision confirming a $300 million arbitration award for KBR's COMMISA unit in Mexico even though a Mexican court had nullified it, and upheld a lower court ruling that added $106 million to the judgment. The judgment also includes $59 million of interest, court papers show.

It is unclear whether Pemex plans to make a further appeal. The company did not immediately respond to requests for comment.

KBR Chief Executive Stuart Bradie in a statement said the engineering and construction company is pleased with the decision, over "an amount long overdue for work performed decades ago."

The decision follows years of litigation between COMMISA and a Pemex subsidiary that began in 2004, and which resulted in court challenges in two separate countries.

The dispute stemmed from agreements COMMISA reached with Pemex beginning in 1997 to build oil platforms in the Gulf of Mexico.

Difficulties between the two companies emerged as Pemex insisted the platforms be fully constructed before being placed in the Gulf of Mexico, which COMMISA considered impractical, according to court papers.   Continuación...