Bumi Armada Caspian settles with SEA

Bumi Armada Caspian settles with SEA

Bumi Armada Caspian (BAC), part of Malaysia’s Bumi Armada group, has signed a final settlement agreement for 3.2m Euro ($3.6m) with SEA Srl.

The company filed a notice of arbitration against BAC in May, claiming 28.5m Euro ($31.7m) under a service contract that was signed in September 2012.

Under the contract, worth 16.2m Euro ($18m), BAC was to provide post trenching and backfilling services at the Filanovsky field development project in Russian waters in the Caspian Sea.

As part of the settlement, the arbitration proceedings will be discontinued, Bumi said today.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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