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    SembCorp clarifies Solitaire issue

    News // March 18, 2005
    Fairplay ( reports that SembCorp in Singapore has reached a partial settlement in a long-running conversion dispute.

    In a statement to the Singapore Exchange earlier this week, SembCorp Industries clarified that settlement was reached in relation to its counter-claims against Switzerland-based Allseas.

    "With the settlement, proceedings in respect of all these claims, which are the subject of the settlement, would be withdrawn and not be heard by the Tribunal," SembCorp said.

    The settlement, which also provides for the withdrawal by Allseas of one of its Heads of Claims,was reached in London on 11th March. The Tribunal is expected to issue its award regarding the rest of Allseas' claims later this, said Fairplay.

    The dispute relates to the conversion of the bulk carrier Solitaire into a pipelaying vesselunder a contract with the former Sembawang Corp drawn up in 1993.

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