We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 23 Mar 2011 01:35 PM

Font Size

- Aa +

Malaysia's Sime unit reaches settlement with Maersk Oil Qatar

Malaysian conglomerate says Sime Darby paid $41.9m to Maersk Oil Qatar as final settlement

Malaysia's Sime unit reaches settlement with Maersk Oil Qatar
LAW SUIT: Sime Darby will write back about 100 million ringgit ($33m) to its profit and loss account as a result of the settlement agreement (Getty Images)

Malaysian conglomerate Sime Darby Bhd said its engineering
unit has reached a settlement agreement with Maersk Oil Qatar A/S which will
see it relieved of all outstanding works under a contract signed in 2007.

The plantations-to-property group said Sime Darby
Engineering Sdn Bhd paid $41.9 million to Maersk Oil Qatar as final settlement
for a project known as Block 5 Development Plan 2005.

Sime Darby will write back about 100 million ringgit ($33
million) to its profit and loss account as a result of the settlement
agreement, it said in a statement on Wednesday.

The conglomerate had previously made provisions totaling 2.1
billion ringgit for its energy and utilities division, and the Maersk contract
had been identified as one of the problem projects contributing to Sime Darby's
first-ever quarterly loss.

Sime has rebounded to profitability in the last two
quarters.

 

Arabian Business: why we're going behind a paywall

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.