PDVSA struggling to pay debt

Venezuela state-owned PDVSA, plagued by financial problems related to the collapse of oil prices, has paid only about 5% of its outstanding debt to oil service companies and suppliers so far this year.

US company Helmerich & Payne has not received any payment from PDVSA, despite the fact that it halted operations in four platforms.

The company halted four rigs in Venezuela after the expiration of the contracts for 14 drills that the US service company has in the South America country due to a payment dispute. Helmerich intends to continue shutting down rigs as contracts expire.

El Universal newspaper reported that in some cases, other contractors have yet to receive payments.

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