Result of arbitration on termination dispute in relation to the FPSO Front Puffin

abarrelfullabarrelfull wrote on 23 Nov 2014 16:53

4 August 2011

The Board of Sea Production refers to previous announcements made in respect of the above matter and is pleased to advise that on 3 August 2011 the Tribunal which heard the arbitration has made an award in favour of Puffin FPSO Ltd requiring that AED Services Pte Ltd (“AED”) shall pay to Puffin FPSO Ltd US$72.39m within 30 days (“the Award”). The Tribunal has directed both parties to provide submissions as to legal costs, following which the Tribunal will in due course make a determination of entitlement to recovery of legal costs.

Puffin FPSO Ltd will now proceed to enforce the Award against AED and the Board will keep shareholders informed as appropriate.

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