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Helmerich & Payne says Venezuela dispute unchanged

Fri May 8, 2009 6:54pm EDT

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SAN FRANCISCO, May 8 (Reuters) - U.S. rig contractor Helmerich & Payne Inc (HP.N) said on Friday the seizure of oil services assets in Venezuela had not affected its talks with PDVSA over nearly $100 million owed by the heavily indebted state oil company.

Venezuelan President Hugo Chavez sent troops to seize oil service companies on Friday, tightening his grip on the industry. [ID:nN08485308]

"We'll continue to be focused on working something out with PDVSA to amicably resolve our collections issues," said Juan Pablo Tardio, H&P's director of investor relations.

Seven of the 11 H&P rigs in the country have now been or will be idled due to the dispute, and the Tulsa, Oklahoma-based company said it would continue idling them unless there is a breakthrough with PDVSA. (Reporting by Braden Reddall)



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