BMG floater litigants reach settlement

Roc Oil (VIC) and the other named participants in proceedings before the Federal Court of Australia have agreed to a settlement terms covering all claims and counter-claims with BW Offshore.

Offshore staff

SYDNEY, Australia -- Roc Oil (VIC) and the other named participants in proceedings before the Federal Court of Australia have agreed to a settlement terms covering all claims and counter-claims with BW Offshore.

The proceedings relate to the termination of a Letter of Intent issued to BW Offshore to supply of an FPSO for the Basker-Manta-Gummy development in the Bass Strait.

Roc says the terms of the settlement are confidential, but include a cash payment of $32.5 million to BW. The court case has been adjourned pending payment.

09/10/2010

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