March 30, 2006
SembCorp Industries Ltd announces that its subsidiary Sembawang Corporation Ltd (Sembawang) has today concluded an agreement for a full and final amicable settlement of the dispute between Sembawang and Allseas relating to the conversion of the pipelay vessel Solitaire. The case has been under arbitration in London since 1995.
Under this final settlement agreement, Sembawang will pay Allseas a sum of Euro 350 million, within 14 days from the date of agreement. The settlement agreement provides for a full and final settlement and release by each party of the other of all claims, counterclaims and liabilities of any nature relating to the Solitaire conversion.
Arising from the settlement, and taking into account provisions made in the previous years, an exceptional charge of approximately S$65 million will be taken in the first quarter of 2006. The settlement sum will be funded through internal sources.
SembCorp Industries Ltd announces that its subsidiary Sembawang Corporation Ltd (Sembawang) has today concluded an agreement for a full and final amicable settlement of the dispute between Sembawang and Allseas relating to the conversion of the pipelay vessel Solitaire. The case has been under arbitration in London since 1995.
Under this final settlement agreement, Sembawang will pay Allseas a sum of Euro 350 million, within 14 days from the date of agreement. The settlement agreement provides for a full and final settlement and release by each party of the other of all claims, counterclaims and liabilities of any nature relating to the Solitaire conversion.
Arising from the settlement, and taking into account provisions made in the previous years, an exceptional charge of approximately S$65 million will be taken in the first quarter of 2006. The settlement sum will be funded through internal sources.
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