MOSCOW (MRC) -- Engineering giant John Wood Group has agreed to pay out USD115m (GDP97.5m) to settle a legacy lawsuit, said BBC.
The Aberdeen-based firm's settlement follows the conclusion earlier this year of a lawsuit involving Enterprise Products Operating LLC. Enterprise first filed a lawsuit against Amec Foster Wheeler and one of its subsidiaries in 2016, the year before Wood bought Amec.
It related to alleged cost increases and delays on a project agreed in 2013. The contract involved the engineering, procurement and construction of a propane dehydrogenation unit in Texas.
Wood said on Friday that the agreed settlement would be paid in one instalment within the next seven days.
In September, Wood announced it had completed the sale of its Built Environment consulting business to Canadian firm WSP Global for about USD1.8bn (GDP1.52bn), immediately reducing its net debt position.
As per MRC, Wood has been awarded the front-end engineering design (FEED) scope for Gen2 Energy’s green hydrogen production facility, located in Mosjoen in northern Norway. Gen2 Energy is a Norwegian company dedicated to developing, building, owning and operating an integrated value chain for green hydrogen. The company targets having several large-scale production facilities for green hydrogen, making it easy and cost efficient for consumers to adapt to green hydrogen.