Press release | June 5, 2017
Sonatrach and TechnipFMC Announce That the Dispute Related to the Rehabilitation of the Refinery in Algiers Has Been Definitively Settled
LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- Sonatrach and TechnipFMC (Paris:FTI) (NYSE:FTI) (ISIN:GB00BDSFG982) decided to settle all disputes in relation to the terminated Contract of the rehabilitation of the refinery in Algiers and to immediately end the arbitration proceedings.
Sonatrach expressed its satisfaction to have reached a definitive agreement that ends a litigation that was detrimental to both parties.
Thierry Pilenko, Executif Chairman of TechnipFMC, stated to be very pleased to have reached a final and amicable settlement of this dispute. This settlement is satisfactory to both parties involved and will allow us to look together to the future.
Important Information for Investors and Securityholders
This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “estimated”, “aimed”, “scheduled” and similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause our actual results to differ from those in the forward-looking statements include the Company's ability to successfully complete the work. For additional information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Registration Statement on Form S-4, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
TechnipFMC is a global leader in subsea, onshore/offshore, and surface projects. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our clients’ project economics.
We are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our clients in developing their oil and gas resources.
Each of our more than 40,000 employees is driven by a steady commitment to clients and a culture of purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.
To learn more about us and how we are enhancing the performance of the world’s energy industry, go to TechnipFMC.com and follow us on Twitter @TechnipFMC.
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