HOUSTON - KBR, Inc. (NYSE: KBR) announced today that it has settled its decade long dispute over an almost half billion judgment pertaining to the EPC 1 construction project executed for PEMEX Exploracion y Produccion (PEP).
In December 2009 , KBR (under its subsidiary, COMMISA) received an International Chamber of Commerce (ICC) arbitration award covering the costs and fees it was owed for its work for PEP. This settlement ends KBR’s collection efforts. Under the settlement, KBR has been paid $435 million . Moreover, all litigation between the parties is or will be dismissed.
“We are pleased by the positive resolution to this matter and glad to put this long running issue behind us,” said Stuart Bradie , President and CEO of KBR. “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,” Bradie continued.