Kongsberg Evotec has decided to withdraw its appeal on a court settlement with Rolls-Royce Marine, in order to save “further efforts and resources on a continued court procedure in a challenging period for the maritime industry”.
Norway’s Sunnmøre District Court in June ordered Kongsberg Evotec to pay damages of NOK 95m (then $12.8m) to Rolls-Royce Marine for breach of the Marketing Act. The company avoided a ban on production and sale of equipment packages for quarterdeck operations on seismic vessels. The damages were paid in the second quarter.
“The company wants to focus fully on operations and development of the company going forward,” Oslo-listed Kongsberg commented in a filing today.