PDVSA Pays NMD for Invoices, Drilling Contract Remains Intact

Neptune Marine & Drilling Ltd ("NMD") has received payment of US$25.95 million (net of withholding taxes) from its client Petroleous de Venezuela, SA (“PDVSA”). These payments cover, amongst others, all invoices for day rates for drilling services provided to PDVSA for the period October 1 to December 18, 2008. NMD continues to operate under the drilling contract with PDVSA.

Consequently, with this payment from PDVSA, certain breaches in the loan agreement entered into between another subsidiary, Neptune Marine Invests AS and certain banks have also been cured.

 

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