RE:PES Renews Contracts with EC for ALL 8 RIGS in Colombia
I don't understand. Wasn't it that TID couldn't collect payment from Ecopetrol? Shouldn't PES be concerned entering such a large contract w Ecopetrol, or was it a lack of performance issue from TID's part that resulted in payment default? As quoted from the news release.... "Colombia has been a strong market for us since we began operating there in 2007, and we look forward to continuing our good working relationship with Colombia's largest oil company. We believe that our exceptional safety record and history of solid operating performance with Ecopetrol were important factors in their decision to renew contracts with Pioneer."