Helmerich Warns Other Firms After Venezuela Seizes Oil Rigs
06 Julho 2010 - 8:02PM
Dow Jones News
Helmerich & Payne (HP) is warning other oil-field-services
companies doing business in Venezuela after the drilling contractor
saw 11 of its idled rigs expropriated last week by the government
of President Hugo Chavez.
In a press release Tuesday, the Oklahoma-based company said
other oil-services firms should be contemplating on whether to stay
in Venezuela. It also criticized the way state oil company
Petroleos de Venezuela, or PDVSA, conducts its business.
"Reflecting on last week's forced exit from Venezuela, it is
clear now that PDVSA was not interested in both sides achieving
commercial terms to return our rigs to work," Helmerich said. "That
approach only heightens concerns for our oil-field-service peers
contemplating their future there, as it should."
The Chavez-led government, which has nationalized large parts of
its all-important oil industry as part of a declared push toward
socialism, announced plans last month to take ownership of
Helmerich's rigs.
The rigs haven't been used since late 2009 and the U.S. company
said it wasn't going to put them back into service until PDVSA paid
it the $43 million it owed for work that was already completed.
PDVSA President Rafael Ramirez said the government decided to
nationalize Helmerich's rigs because the country couldn't afford to
let them continue to sit idle while new wells needed to be
drilled.
In a partial response to PDVSA's non-payment to Helmerich,
Ramirez accused the company of stubbornly refusing to renegotiate
the rates it charged to PDVSA when oil prices were falling in early
2009 and PDVSA was falling behind on its bills.
Venezuela's legislature approved the nationalization plan of
Helmerich's rigs last week and the government has officially taken
control of them. Ramirez said PDVSA plans to pay Helmerich for the
rigs at "book value."
In announcing the nationalization plan for Helmerich's rigs last
month, PDVSA also said it reached a deal for oil-services work with
U.S. energy giant Schlumberger Ltd. (SLB).
Helmerich said in its statement Tuesday that it leaves Venezuela
"with our heads held high," adding that the company fulfilled all
of its contractual obligations. It also said it trained and
employed thousands of Venezuelans and achieved an outstanding
long-term safety record.
"The loyalty of our employees and many suppliers there will long
be appreciated and remembered," Helmerich said.
Helmerich said its future is partly reflected in new
rig-building for "paying customers."
Officials at PDVSA weren't available to comment on Helmerich's
latest statement.
-By Dan Molinski, Dow Jones Newswires; 58-414-120-5738;
dan.molinski@dowjones.com
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