Stolt Offshore Settles Hubline Claim Out of Court
Stolt Offshore S.A. announced that following suspension of the arbitration proceedings that it had previously initiated, an out of court settlement of all outstanding claims relating to the Duke Energy/AGT Hubline project in the USA had been reached. The cash related to this claim has now been received.Tom Ehret, Chief Executive Officer of Stolt Offshore, said, "The settlement of the Hubline claim, which is in line with provisions recorded at year end and the previously announced settlement of claims on the OGGS and Burullus projects, underscores our continued effort to resolve all disputes associated with the legacy contracts. Cash receipts in relation to outstanding claims in the last three months are now in excess of $100 million."