WOOD Group has agreed to pay $115 million (£98m) to settle a legacy lawsuit inherited as part of its acquisition of Amec Foster Wheeler in 2017.
The Aberdeen-based energy services giant had faced legal action from US firm Enterprise Products over alleged cost increases and delays on a cost reimbursable plus fixed fee contract secured in 2013 to engineer, procure and construct a propane dehydrogenation unit in Mont Belvieu, Texas.
Wood told the stock market that it would pay the settlement in one instalment within the next seven days.
The company said when it reported its half-year results in August that the trial for the legacy lawsuit had concluded after beginning in April. It said in August that a decision was expected by year-end.
Shares in Wood dropped by more than three per cent in early trading but rallied to close up 0.6p at 159.6p.
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