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    Stolt Offshore announces closure of Burullus and OGGS claims

    News // February 20, 2004
    Stolt Offshore SA has announced that satisfactory settlements had been reached on outstanding claims and variation orders on the OGGS project in Nigeria and the Burullus contract in Egypt.

    The settlements are in line with guidance previously given by the company. The majority of the cash relating to these settlements has now been received with the remainder due in the coming weeks.

    Tom Ehret, Chief Executive Officer of Stolt Offshore, said, "We are pleased to have reached an amicable resolution to these two contracts. These settlements draw a line under two of our loss-making legacy contracts."

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