Santos Says Fluor Settles Funds From Queensland Project Dispute

MT Newswires Live12-18 08:25

Santos (ASX:STO) said that Fluor Australia paid settlement funds of AU$1.1 billion, following the Supreme Court's judgment, regarding the 2011 engineering and construction contract (EPC) dispute between the parties, according to a Wednesday filing with the Australian bourse.

The company will recognize a net share of AU$240 million of the proceeds on its balance sheet, the filing said.

Fluor was awarded the EPC contract for the company's GLNG plant in Queensland in 2011.

In August, the Queensland Court ruled in favor of the company and ordered Fluor to pay about AU$692 million to Santos, after the company claimed in proceedings that Fluor was not entitled to all the costs it had claimed and received payment for under the contract.

The engineering & construction firm's appeal against the Court's judgement is set for July 2026, the filing added.

Shares of the company rose 1% in recent Thursday trade.

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