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BRIEF-DONG Energy settles dispute with Technip and Daewoo over Hejre platform

DONG EnergyMay 4 Dong Energy says:

* Dong Energy and supplier consortium of Technip France and Daewoo Shipbuilding and Marine Engineering Co. Ltd (DSME) have entered into a settlement agreement regarding dispute, including arbitral claims, related to EPC contract for the Hejre platform

* Says settlement agreed will have a positive impact for Dong Energy on cashflow and will reduce provisions made in relation to Hejre project with a positive EBIT effect of DKK 0.9 billion within discontinued operations

* Says according to agreement, supplier consortium holds full responsibility for disposal of Hejre platform, which will be dismantled by DSME

* The settlement does not affect the ongoing assessment with Bayerngas on re-development alternatives for the Hejre field.

* Says this does not change Dong Energy’s previously announced outlook for 2017 financial year as oil & gas is presented as an asset held for sale and discontinued operations


* Says Dong Energy will have no further responsibilities or liabilities with regard to platform Further company coverage

The Original Posted by Reuters

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