News

Energy & Offshore

Staff Reporter

, Singapore

Published:

2 years ago

723 views

Seatrium

Seatrium agrees to pay $91.5m following arbitration ruling

The company said the amount will be full and final.

Seatrium Limited announced that it will pay $91.5m (US$68m) to MH Wirth following the conclusion of the arbitration in relation to contracts terminated in 2021 and 2022.

The company said in a regulatory filing that this will be the “full and final settlement to resolve the interest payable and all outstanding issues arising from the award.”

This settlement is less than the $145.48m (US$108m) ordered by the Singapore International Arbitration Centre in April.

ALSO READ: Seatrium bags Favoured Customer Contract from Hyundai LNG Shipping

According to reports, Seatrium’s wholly-owned subsidiary Jurong Shipyard Pte Ltd awarded four drilling equipment contracts to MH Wirth in 2012. These were later terminated in 2021 and 2022

MH Wirth lodged the arbitration against Jurong Shipyard in December 2021 for allegedly breaching the agreements.

US$1=S$1.35

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