United States District Rules in Favor of KBR Reconfirming Arbitration Award Against PEP

Before you go, we thought you'd like these...
Before you go close icon

United States District Rules in Favor of KBR Reconfirming Arbitration Award Against PEP

HOUSTON--(BUSINESS WIRE)-- KBR (NYS: KBR) has announced that the United States District Court Southern District of New York has ruled in favor of KBR, reconfirming the arbitration award against Pemex Exploration and Production (PEP), a subsidiary of PEMEX, the Mexican national oil company.

In his decision, New York District Court Judge Alvin Hellerstein, stated that the Mexican nullification of the arbitration award "violated basic notions of justice."


"The District Court's reconfirmation of the International Chamber of Commerce's 2010 decision brings KBR one step closer to finally resolving this legacy issue," said Andrew Farley, Executive Vice President and General Counsel.

Additional information regarding this matter can be found in KBR's Form 10-Q for the period ending June 30, 2013, in the Notes to Condensed Consolidated Financial Statements (Note 6) under Pemex Arbitration. Full transcript of Judge Hellerstein's ruling is available at the United States District Court Southern District of New York website (www.nysd.uscourts.gov/cases/show.php?db=special&id=323).

KBR is a global engineering, construction and services company supporting the energy, hydrocarbon, power, industrial, civil infrastructure, minerals, government services and commercial markets. For more information, visit www.kbr.com.



KBR
Zac Nagle, 713-753-5082
Vice President
Investor Relations and Communications
Investors@kbr.com
or
Media Relations Hotline: 713-753-3800
Mediarelations@kbr.com

KEYWORDS:   United States  North America  New York  Texas

INDUSTRY KEYWORDS:

The article United States District Rules in Favor of KBR Reconfirming Arbitration Award Against PEP originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners