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Settlement with Tractebel

January 21, 2008, 15:37 CET

The settlement concerns all outstanding commercial matters including claims, relating to the EPC contract for the Storage and Loading facilities at Melkøya for the Snøhvit project.

The EPC contract was entered into in July 2002. During the construction period, a dispute arose with respect to costs and compensation for the execution of the defined scope of work under the contract.

The dispute was referred to the court for settlement and the main hearing ended on 26 September 2007. Tractebel Engineering's total final claim exceeded 300 million EURO and the settlement, which also includes certain undisputed items and contractual amendments, has been agreed as 95 million EURO.

Tractebel Engineering's work at Melkøya was completed in the second half of 2007.