United States District Court Awards KBR $465 Mln In Arbitration Against PEP

(RTTNews) - KBR Inc. (KBR) announced that the United States District Court Southern District of New York has entered a judgment for $465 million confirming the International Chamber of Commerce's arbitration award against Pemex Exploration and Production or PEP, a subsidiary of Pemex, the Mexican national oil company.

The company said this judgment consists of about $355 million for the original judgment plus interest and approximately $106 million for performance bonds plus interest. The amount of the value added tax has yet to be determined.

KBR said PEP has 30 days to post security for the entire amount.