Helmerich & Payne Sues Venezuela for Nationalizing Rigs

Source: Reuters 9/26/2011, Location: South America

U.S. oil and gas driller Helmerich & Payne Inc said its units have filed a lawsuit in a U.S. district court against Venezuela and two state-owned companies seeking damages for "forcibly taking" 11 of its drilling rigs. Venezuela last year nationalized Helmerich's fleet that was idled for months following a dispute over pending payments by the OPEC member's state oil company PDVSA.

"Plaintiffs seek damages for the taking of their Venezuelan drilling business in violation of international law and for breach of contract," Helmerich said in a filing with the U.S. Securities and Exchange Commission.

"At this time the net impact of this matter on the company's consolidated financial results, if any, cannot be reasonably estimated."

The lawsuit, filed in the District Court for Columbia on Sept. 23, is against Venezuela, Petr?leos de Venezuela and PDVSA Petr?leo.


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Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


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