ST Engineering to pay customer US$15.9m net in arbitration case
Unit VT Halter Marine embroiled in proceedings involving disputes from 2011 deal for design, construction of vessels
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Tay Peck Gek
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Singapore
SINGAPORE Technologies (ST) Engineering's US marine subsidiary has to pay US$18 million to a customer following arbitration proceedings.
Consequently, the company would make a further provision of about S$14.2 million in the financial statements for the period ended Sept 30 as an adjusting subsequent event.
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