It was reported today that PDVSA, Venezuela's state run oil company has taken over 11 rigs from HP
This should have a small material effect on HP’s top line. With $3.1m collected in the first quarter from Venezuela HP lost more than 5 times that by Venezuela devaluing its currency.
HP has over 200 land rigs in the U.S.
A/R due was $26.6M per last 10K, soon after the eleven rigs went idle..I wonder if these rigs are insured and if so would seizure by an NOC be covered?