John Wood Group Plc (WG.L,WDGJF.PK), a British engineering and consulting firm, Monday said it has reached a settlement agreement with Enterprise Products Operating LLC on legacy lawsuit.
The parties have agreed to settle the case for $115 million, which will be paid in one instalment within the next 7 days.
The company, with its half year results in August, had stated that the trial for the legacy lawsuit with Enterprise had concluded, with a decision expected by the year end.
It was in 2016 that Enterprise filed a lawsuit against Amec Foster Wheeler plc, a company Wood acquired in 2017, and one of its subsidiaries. The case was related to 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 plans to hold a Capital Markets Day on November 29 to outline updated strategy in detail following the completion of the sale of the Built Environment consulting business in September 2022.
In London, John Wood shares were losing around 2.6 percent to trade at 154.95 pence.
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