On 29 June 2012, the Company announced that, pursuant to the Sale and Purchase Agreement (“SPA”) dated 4 June 2011 between the Company and Repsol Nuevas Energias S.A. (“Repsol”), Repsol had intimated a warranty claim amounting to £849,000, and that Repsol had withheld that amount from the retention payment due to the Company on 28 June 2012 until the claim was resolved.
The Company has received payment in full of the withheld amount plus interest and no further claims remain outstanding or notified against either party.
All amounts due to the Company under the SPA have now been received.
[mappress]
Press release, May 16, 2013; Image: seaenergy