Pemex Fights KBR’s $355M Contract Win In 2nd Circ.

Law360, New York (February 2, 2012, 7:57 PM EST) -- Mexican state oil company Petroleos Mexicanos on Thursday urged the Second Circuit to overturn an order that it pay $355 million to KBR Inc. for backing out of an offshore drilling project, saying Mexico's courts do not recognize KBR's win.

After Pemex rescinded a major contract with a KBR subsidiary, KBR won a Mexico-based arbitration, then turned to New York, where Pemex raises capital, and convinced a court there to enforce the judgment.

But since that win, an appeals court in Mexico has declared the initial...
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