February 24, 2017 / 6:38 PM / a year ago

Venezuela PDVSA says expects PetroSaudi arbitration decision in Q4

CARACAS, Feb 24 (Reuters) - Venezuelan state oil company PDVSA said on Friday it expects an arbitration panel in Paris to reach a decision on its dispute with PetroSaudi Oil Services Ltd over an offshore drilling rig in the final months of this year.

PDVSA is seeking damages for what it says was “poor performance” by the rig which worked in the Caribbean waters off Venezuela’s eastern Sucre state.

“The Arbitral Tribunal, which has heard the reasons for the contractual disputes, is expected to issue a Final Award during the fourth quarter of this year,” the company said in a statement.

“PDVSA will tirelessly pursue all means to defend its assets, which belong to the Venezuelan people,” it added.

PetroSaudi International, the parent company of PetroSaudi Oil Services Ltd, did not immediately respond to a request for comment.

Reporting by Alexandra Ulmer Editing by W Simon

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