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.
