UGL and Kentz were awarded the US$640 million Ichthys structural, mechanical and piping (SMP) contract in February 2014 by the JKC joint venture comprising JGC, KBR and Chiyoda.
UGL alerted the market long ago to problems with the contract due to "substantial delays and disruption attributable to the client".
UGL said today the UGL-Kentz joint venture had formally executed an agreement with JKC that settled the joint venture’s claims on the contract up to 31 May 2016.
"The
