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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Worley Limited | ASX:WOR | Australian Stock Exchange | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.27 | 1.78% | 15.44 | 15.30 | 15.50 | 15.51 | 15.16 | 15.21 | 3,268,193 | 09:50:00 |
From May 2019 to May 2024
By Ross Kelly
SYDNEY--Australian contractor Worleyparsons Ltd. (WOR.AU) said Thursday it will pay US$78 million to an affiliate of Exxon Mobil Corp. (XOM) to settle a dispute over construction of a large drilling platform in waters off Russia's eastern coast.
Worleyparsons said the settlement includes US$55 million of cash payments and the withdrawal of a claim to recover US$23 million for previous work not previously invoiced.
The project, known as Arkutun-Dagi, called for building one of the largest offshore drilling platforms in the world, designed to withstand extreme winds and waves. When oil began flowing in January, the project was over budget and a year behind schedule.
Exxon claimed Worleyparsons contributed to the delay by making mistakes in the design of the platform. Worleyparsons denied the allegations, and said it didn't commit to a fixed deadline or price.
"The settlement has led to normalization of the parties' business relationship," Worleyparsons said in a statement Thursday.
Write to Ross Kelly at ross.kelly@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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