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SEOUL, May 28 (Yonhap) -- Hyundai Heavy Industries Co., South Korea's largest shipbuilder, said Tuesday it has reached a dispute settlement with Qatar's Brazan Gas Company Ltd. over maintenance work at facilities it delivered in 2015.
Last March, the Qatari firm filed the arbitration suit with the International Chamber of Commerce (ICC), demanding some US$8 billion in compensation, claiming that natural gas facilities built by Hyundai Heavy had defects and needed to be fully replaced.
Hyundai Heavy won the order valued at $860 million in 2011 to build offshore facilities for natural gas exploration in the sea area located northeast of Ras Laffan Industrial City in Qatar.
"We don't need to prepare for extra allowances because the amount of settlement is below $221 million, which has been already set aside for damage provisions," a company official said.
kdon@yna.co.kr
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