Settlement between AGR, Hyperdynamics and Jasper
The parties reach settlement and the litigation is terminated.
As disclosed in AGR's Annual Report for 2013, there has been an ongoing dispute between AGR, Hyperdynamics Corporation and Jasper Drilling PTE Ltd since 2012. The dispute concerns provision of project management services for Hyperdynamics' subsidiary, SCS Corporation Ltd., in connection with the drilling of the Sabu #1 well offshore Guinea (2011-2012).
Following an out of court agreement, the parties have settled the disputes. As a consequence of the settlement, AGR will make a 3.2 MUSD accrual in Q1 with a corresponding negative effect on EBITDA. AGR will have a positive cash effect from the settlement of 1.65 MUSD.
For further information, please contact AGR Group CFO, Svein Sollund, at +47 918 06 910.