LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--
Sonatrach and TechnipFMC (Paris:FTI) (NYSE:FTI) (ISIN:GB00BDSFG982) decided to settle all disputes in relation to the terminated Contract of the rehabilitation of the refinery in Algiers and to immediately end the arbitration proceedings.
Sonatrach expressed its satisfaction to have reached a definitive agreement that ends a litigation that was detrimental to both parties.
Thierry Pilenko, Executif Chairman of TechnipFMC, stated to be very pleased to have reached a final and amicable settlement of this dispute. This settlement is satisfactory to both parties involved and will allow us to look together to the future.
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About TechnipFMC
TechnipFMC is a global leader in subsea, onshore/offshore, and surface projects. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our clients’ project economics.
We are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our clients in developing their oil and gas resources.
Each of our more than 40,000 employees is driven by a steady commitment to clients and a culture of purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.
To learn more about us and how we are enhancing the performance of the world’s energy industry, go to TechnipFMC.com and follow us on Twitter @TechnipFMC.
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