Reference is made to the announcement to Oslo Stock Exchange 14th January 2014, in which TTS through its subsidiary TTS Offshore Handling Equipment AS announced the cancellation of a contract with STX Offshore & Shipbuilding Co. Ltd. (STX) in Korea for supply of a complete lifting equipment package for an ultra-deepwater drillship contracted by Sigma Drilling Ltd, the company said in its press release.
TTS has signed a final settlement agreement with STX, and has received a settlement amount of MUSD 6.2 in addition to prepayments of MUSD 2.3 received under the original contract. The settlement covers all claims arising under or in connection with this contract.