The settlement concerns all outstanding commercial matters including claims relating to the engineering, procurement and construction (EPC) contract for the storage and loading facilities at Melkoya for the Snohvit project.
StatoilHydro said that the EPC contract was entered into in July 2002. During the construction period, a dispute arose with respect to costs and compensation for execution of the defined scope of work under the contract.
The dispute was referred for settlement and the main hearing ended on September 26, 2007. Tractebel’s total final claim exceeded E300 million. The settlement has been agreed as E95 million. Tractebel’s work at Melkoya was completed in the second half of 2007.
