Fred Olsen Energy states it has actually gotten to an arrangement with South Korean shipbuilder Hyundai Heavy Industries to resolve a conflict over the newbuilding agreement for the semi-submersible boring gear Bollsta Dolphin.

Under the contract, Hyundai Heavy will certainly preserve possession of the gear as well as pay $176.4 million to Bollsta Dolphin Pte, a subsidiary of Fred Olsen, to resolve all cases in link to the agreement. The amount totals up to the very first installation for paid to HHI by Bollsta.

In a joint declaration provided Monday, the celebrations stated: “We are very pleased that our differences have been resolved in an amicable way.”

Fred Olsen as well as Hyundai Heavy initially accepted the agreement for severe setting, ultra deepwater boring gear back in May 2012, however both started contesting last October after Hyundai Heavy required an extra repayment repayment of $167 million as well as even more time to total building. Fred Olsen later on ended the agreement entirely as well as required payment of its very first installation, declaring the hold-up was a violation of agreement. At the very same time, Fred Olsen stated it had actually gotten to an arrangement with Chevron to end the boring agreement for the gear on equally useful terms.

The severe setting, ultra deepwater Bollsta Dolphin was purchased from HHI in May 2012 for a ‘first phase’ price of $700 million, according to a 2012 declaration from HHI. Delivery was initially expected for March 2015 from Hyundai’s Gunsan shipyard in South Korea.