Kvaerner Reaches Settlement Agreement with Amec Foster Wheeler

Source: www.gulfoilandgas.com 3/2/2016, Location: Europe

Kvaerner North American Construction Inc, a subsidiary of Kvaerner, and Amec Foster Wheeler North America Corp. have reached a settlement of all claims related to the Longview Power Project. The final settlement will result in a cash payment to Kvaerner NAC of USD 70 million, and an anticipated positive currency accounting effect of approximately NOK 200 million within discontinued operations in Kvaerner's income statement.

This settlement concludes the arbitration awarded in October 2015. This agreement also terminates the court proceedings instituted by Kvaerner NAC to confirm and Amec Foster Wheeler North America Corp's motion to vacate/modify the arbitration award.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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