(Alliance News) – John Wood Group PLC announced Monday that it has reached a settlement in a legal dispute with Enterprise Products Operating LLC.
John Wood, an investment and consulting firm in Aberdeen, Scotland, has agreed to pay $115 million to settle the case. This will be paid in one installment over the next seven days, it said.
In 2016, Enterprise filed a lawsuit against Amec Foster Wheeler PLC, a company that John Wood acquired in 2017 and is now one of his affiliates.
It relates to alleged price gouging and delays on a refundable and fixed price contract entered into in 2013 to engineer, purchase and construct a hydrogen production unit to Mont Belvieu, Texas.
Including this legal settlement decision and the planned decision to use part of the proceeds from the September sale of the Built Environment to prepare working capital, John Wood expects to close to the middle of its target is 0.5 times to 1.5 times net debt to earnings before interest, taxes, depreciation and amortization.
Shares in John Wood traded 1.0% lower at 157.40 pence each in London on Monday afternoon.
By Chris Dorrell; firstname.lastname@example.org;
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