In the Matter of the Arbitration Between Koch Oil, S.A., and Transocean Gulf Oil Company

LUMBARD, Circuit Judge:

Transocean Gulf Oil Co. appeals from a June 22, 1984 judgment of the District Court for the Southern District, John E. Sprizzo, Judge, confirming an arbitration award upon the motion of Koch Oil, S.A. pursuant to the Federal Arbitration Act, 9 U.S.C. § 9 (1982). Gulf claims: 1) that the lump sum award ordering it to pay Koch $1,670,000 is invalid because it was filed after the expiration of the arbitrators’ authority; 2) that the arbitrators exceeded their power by substituting higher prices than those agreed upon in the contract, by awarding consequential damages and…