- Release Date: 11/12/12 12:03
- Summary: GENERAL: DOW: Settlement of Singapore Tunnel Dispute
- Price Sensitive: No
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DOW 11/12/2012 10:03 GENERAL REL: 1003 HRS Downer EDI Limited GENERAL: DOW: Settlement of Singapore Tunnel Dispute Media/ASX and NZX Release 11 December 2012 SETTLEMENT OF SINGAPORE TUNNEL DISPUTE Downer EDI Limited (Downer) today announced that it had negotiated the settlement of an arbitration claim commenced by SP PowerAssets Limited (SPPA) in 2009. The claim by SPPA related to a contract awarded to Downer in 2003 for the construction of an electrical services tunnel in Singapore. The amount claimed by SPPA was SGD85 million plus interest and legal costs. Under the settlement, Downer will pay SPPA SGD50 million (A$40 million) and will discontinue its action against SPPA in the Singapore High Court. The parties will provide mutual releases. The Chief Executive Officer of Downer, Grant Fenn, said the Singapore Tunnel dispute was a long running material legacy claim that had taken up a large amount of management time over the past three years. A provision of A$28 million is currently held against the claim and an additional expense of around A$12 million will be booked in the first half of the 2013 financial year. Mr Fenn said that whilst the settlement would reduce the statutory Earnings Before Interest and Tax (EBIT) for the 2013 financial year, the underlying EBIT remained around A$370 million. For further information please contact: Michael Sharp, Group Head of Corporate Affairs and Investor Relations +61 439 470 145 Luke Thrum, Manager Investor Relations +61 459 828 720 Downer EDI Limited (www.downergroup.com) provides comprehensive engineering and infrastructure management services to the public and private Minerals & Metals, Oil & Gas, Power, Transport Infrastructure, Telecommunications, Water and Property sectors across Australia, New Zealand and the Asia Pacific region. End CA:00230954 For:DOW Type:GENERAL Time:2012-12-11 10:03:34
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