03.11.2016, 18:35
U.S. Appeals Court Denies Rehearing; KBR Closer to Recovering Almost Half Billion Dollar Judgment
OREANDA-NEWS. KBR, Inc. ( NYSE: KBR) announced today that in a decision involving COMMISA, a subsidiary of KBR, the United States Second Circuit Court of Appeals denied PEMEX Exploracion y Produccion's (PEP) petition for rehearing on a judgment in favor of COMMISA in excess of $465 million.
This favorable outcome follows a decade of litigation involving two offshore natural gas treatment, processing and reinjection platforms which COMMISA built for PEP, platforms which have been working and in use by PEP since 2004 but for which COMMISA was never fully compensated.
"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.
KBR is a global provider of differentiated professional services and technologies across the asset and program life cycle within the Hydrocarbons and Government Services Sectors. KBR employs over 31,000 people worldwide, with customers in more than 80 countries, and operations in 40 countries, across three synergistic global businesses:
Government Services, serving government customers globally, including capabilities that cover the full life-cycle of defense, space, aviation and other government programs and missions from research and development, through systems engineering, test and evaluation, program management, to operations, maintenance, and field logistics
Technology & Consulting, including proprietary technology focused on the monetization of hydrocarbons (especially natural gas and natural gas liquids) in ethylene and petrochemicals; ammonia, nitric acid and fertilizers; oil refining; gasification; oil and gas consulting; integrity management; naval architecture and proprietary hulls; and downstream consulting
Engineering & Construction, including onshore oil and gas; LNG (liquefaction and regasification)/GTL; oil refining; petrochemicals; chemicals; fertilizers; differentiated EPC; maintenance services (Brown & Root Industrial Services); offshore oil and gas (shallow-water, deep-water, subsea); floating solutions (FPU, FPSO, FLNG & FSRU) and program management
KBR is proud to work with its customers across the globe to provide technology, value-added services, integrated EPC delivery and long term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.
This favorable outcome follows a decade of litigation involving two offshore natural gas treatment, processing and reinjection platforms which COMMISA built for PEP, platforms which have been working and in use by PEP since 2004 but for which COMMISA was never fully compensated.
"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.
KBR is a global provider of differentiated professional services and technologies across the asset and program life cycle within the Hydrocarbons and Government Services Sectors. KBR employs over 31,000 people worldwide, with customers in more than 80 countries, and operations in 40 countries, across three synergistic global businesses:
Government Services, serving government customers globally, including capabilities that cover the full life-cycle of defense, space, aviation and other government programs and missions from research and development, through systems engineering, test and evaluation, program management, to operations, maintenance, and field logistics
Technology & Consulting, including proprietary technology focused on the monetization of hydrocarbons (especially natural gas and natural gas liquids) in ethylene and petrochemicals; ammonia, nitric acid and fertilizers; oil refining; gasification; oil and gas consulting; integrity management; naval architecture and proprietary hulls; and downstream consulting
Engineering & Construction, including onshore oil and gas; LNG (liquefaction and regasification)/GTL; oil refining; petrochemicals; chemicals; fertilizers; differentiated EPC; maintenance services (Brown & Root Industrial Services); offshore oil and gas (shallow-water, deep-water, subsea); floating solutions (FPU, FPSO, FLNG & FSRU) and program management
KBR is proud to work with its customers across the globe to provide technology, value-added services, integrated EPC delivery and long term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.
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