SembCorp Industries has agreed to pay $424.8 million to Swiss group Allseas to settle more than a 10-year old dispute over the conversion of a vessel into a pipelay vessel.
Offshore staff
(Asia-Pacific) - SembCorp Industries has agreed to pay $424.8 million to Swiss group Allseas to settle more than a 10-year old dispute over the conversion of a vessel into a pipelay vessel.
Allseas had commissioned SembCorp's subsidiary Sembawang Corp Ltd. to convert bulk carrier Solitaire into a pipe lay vessel in 1993.
But it terminated the $142.34 million contract two years later, alleging that SembCorp had failed to complete the work on time.
Both parties then took each other to court and the case has been under arbitration in London since 1995.
