Norway: Aker Solutions Announces Blind Faith Arbitration Ruling

The final ruling has been delivered in the proceedings between subsidiaries of Aker Solutions and Chevron concerning delivery of the Blind Faith platform. The platform was installed in the Gulf of Mexico and started production in 2008.

The ruling will result in a recordable loss of approx NOK 220 million for Aker Solutions in the second quarter 2011. The net cash effect is estimated at USD 10 million negative.

The financial effects described above will be divided between subsidiaries of Aker Solutions and Kvaerner, with 25 percent to Aker Solutions and 75 percent to Kvaerner.

The arbitration hearing took place in January and February 2011. A subsidiary of Kvaerner (upon consummation of the ongoing demerger from Aker Solutions) initiated arbitration proceedings regarding compensation for various changes to the work and associated acceleration work. Chevron U.S.A. Inc. presented various warranty claims and other claims against Aker Solutions.

Source:Aker Solutions , June 17, 2011; Image:Chevron

 

Share this article

Follow Offshore Energy Today

One thought on “Norway: Aker Solutions Announces Blind Faith Arbitration Ruling”

Comments are closed.

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply