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.
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.
Bergen, 28th October 2014
TTS Group ASA
Tel.: +47 55 94 74 00 / Fax: +47 55 94 74 01
http://www.ttsgroup.com
Contact persons:
Björn Andersson
CEO
M: +47 911 33 671
Henrik Solberg-Johansen
CFO
M: +47 982 06 438
Miao Reinlund
VP, Communications
M: +47 900 65 883
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.