Malaysian owner EA Technique has withdrawn its arbitration proceedings against offshore service provider Amaniaga Resources after the two parties reached a settlement.
In March last year, EA Technique filed a RM27.4m ($6.6m) claim against Amaniaga for alleged breach of contract to provide services including transportation and offshore installation for a floating storage and offloading (FSO) vessel.
The company said it has reached an amicable resolution with Amaniaga towards a full and final settlement of RM600,000 ($146,000).
In July last year, EA Technique also entered a settlement with Malaysia Marine and Heavy Engineering (MMHE) for a dispute related to the conversion of an oil tanker into a FSO.
Source:splash247
