ANNOUNCEMENT 04 Nov 2013In November 2013, the government of Venezuela announced altered domestic business conditions for foreign investors.
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Superior Energy, 4 November 2013: http://superiorenergy.com/about/news/venezuela-expropriates-snubbing-units-2013/
Bloomberg, 4 November 2013:. (SPN), the Houston-based company said: http://www.bloomberg.com/news/2013-11-04/superior-energy-equipment-seized-by-pdvsa-in-venezuela.html
On 4 November 2013, Venezuela's the state oil company, Petroleos de Venezuela SA (PDVSA), seized two of the Houston-based Superior Energy Services' hydraulic snubbing units from its facility in Anaco, Venezuela. The total amount owed to Superior from PDVSA is approximately USD 9 million. Net book value of the assets seized is under USD 1 million.