Penguin International subsidiary, Penguin Shipyard International (PSI) had filed a Writ of Summons and Amended Statement of Claim in the Singapore High Court against Wartsila after it terminated of shipbuilding contracts for the construction of two Safety Standby Rescue Vessels.
In a statement to the Singapore Exchange on Wednesday PSI said that it had reached an out-of-court settlement with Wartsila on 13 April this year. It said the terms of the settlement were confidential but its directors believed it was in the best interests the company.
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