29th Aug 2018 09:27
LONDON (Alliance News) - Oil and gas company EnQuest PLC said on Wednesday it has agreed to a settlement with a Bumi Armada Bhd subsidiary, over the Kraken project in the UK North Sea.
Armada Kraken Pte Ltd has agreed to pay EnQuest USD15 million over historic issues with the offshore oil project's floating production storage and offloading unit, which is expected to be settled by December 17.
"While there is still further work to complete before a final acceptance certificate can be issued, this agreement allows all parties to work together to deliver final acceptance on a defined basis," EnQuest said in a statement.
Shares in EnQuest were down 1.0% at 43.00 pence on Wednesday.
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