HOUSTON – KBR Inc. has reached settlement with PEMEX Exploracion y Produccion on a nearly half-billion dollar judgment that was first rendered nearly a decade ago.
In December 2009, the International Chamber of Commerce granted KBR an arbitration award against the Mexico-based company for $435 million for work done on the EPC 1 offshore platform construction project. The award was granted in the name of COMMISA, a subsidiary of KBR, and was said to cover costs and fees owed for work the company completed for PEP.
The newly announced agreement effectively ends all legal proceedings between the two companies, a press release release.
"We are pleased by the positive resolution to this matter and glad to put this long running issue behind us," KBR President and CEO Stuart Bradie said in a statement released to The Record. "KBR has had an ongoing business relationship with Pemex and PEP over many years and this settlement paves the way to broaden our productive association."
Houston-based KBR is a global engineering, procurement and construction company that employs more than 34,000 people across the world, according to the release. The company services customers in more than 80 countries, and has operations in at least half of them.
The company also counts government agencies among its customer base, boasting capabilities that cover the full life-cycle of defense, space, aviation and other government programs and missions from research and development.
KBR also recently announced it has entered into a multi-phase, 10-year engineering and procurement services master contract with Chevron U.S.A. Inc. to provide engineering and procurement services across various worldwide locations.
The “master contract” enhances the long-term arrangement between the two global entities. The deal also allows Chevron targeted access to KBR's globally recognized engineering and procurement capabilities.
KBR will also be responsible for field development planning and conceptual engineering, through front end engineering design, detailed engineering and final design.