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Malaysian offshore service provider EA Technique has entered into a settlement with Malaysia Marine and Heavy Engineering Bhd (MHB) over their dispute regarding a FSO conversion project.
EA Technique lost an arbitration with MHB in November last year and was instructed by the arbitration tribunal to pay MHB $29.52m plus interest.
Under the agreement, MHB has accepted $25.5m as full and final settlement between the parties.
EA Technique commissioned MHB to convert a vessel into an FSO, to be deployed in the North Malay Basin offshore Kelantan, in 2015 and the two parties had disputes in relation to additional work and variation orders under the contract.
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