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Bumi Armada settles Caspian dispute for $3.4m

Bumi Armada settles Caspian dispute for $3.4m
Bumi Armada said in a stock market announcement that its unit Bumi Armada Caspian LLC has agreed to pay EUR3.2m ($3.4m) to settle a dispute with SEA Srl over the Filanovsky field development project in the Russian sector of the Caspian Sea.

The settlement agreement was signed following a EUR28.5m claim by SEA Srl over a service contract for post trenching and backfilling services.

“As part of the settlement, the arbitration proceedings will be discontinued. The settlement is not expected to have a material financial effect on the Bumi Armada,” the group said.Bumi Armada Caspian had received the notice of arbitration for the 28 September 2012 contract for providing the services for the Filanosky field development project.

The original service contract value was EUR16.2m but SEA Srl had claimed about EUR28.5m against Bumi Armada Caspian under its arbitration proceedings.