Panamanian Petroleum Co. Urges Toss Of $5.8M Award

Law360 (October 26, 2018, 6:12 PM EDT) -- A Panamanian petroleum services company has urged a New York federal court to nix a $5.8 million arbitration award to a Colombian energy services company stemming from a soured purchase agreement, arguing the tribunal improperly failed to consider certain crucial evidence.

The Colombian company Superior Energy Services Colombia SAS and Superior Energy Services Inc. won the award from an International Chamber of Commerce tribunal seated in New York earlier this year, after the tribunal concluded that Premium Petroleum Services Corp. and its two owners had breached Superior Energy's agreement to purchase Ingeniería y Tecnología de Servicios SAS, or ITS, from Premium...

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