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Bumi Armada settles Caspian dispute for $3.4mBumi 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.

Vincent Wee, Hong Kong and South East Asia Correspondent

August 15, 2015

1 Min Read
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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.

About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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