Helmerich & Payne sues Venezuela after rig seizure

[naaman fletcher]

TULSA — Helmerich & Payne Inc., which operated in Venezuela for more than five decades, is suing for hundreds of millions of dollars owed after the South American nation broke drilling contracts and seized rigs last year, a spokesman for the Tulsa-based firm said Monday.

The lawsuit, filed last week in Washington, D.C., federal court, seeks $32 million in back payments from previous services for Venezuela and “hundreds of millions” on the value of 11 rigs seized in June 2010, said Steve Mackey, general counsel for Helmerich & Payne.

“We're seeking damages for the taking of our drilling business and also breach of contract,” he said.

Helmerich & Payne's problems with the Venezuelan government and the national Petroleos de Venezuela (PDVSA) oil company go back years. The nationalized industry missed numerous payments on existing drilling contracts operated by the Tulsa firm.

http://newsok.com/helmerich-payne-sues-venezuela-after-rig-seizure/article/3607937

[joshcryer]

1. I suppose the US will be shaving some of Chavez' gold...

...heh.