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In a statement this morning, Silverdell said: “The board has taken the decision to accept an offer of circa £1m as final settlement from Shaw Group on its 18 month final account negotiation on Pembroke Power Station, a contract secured in 2010.”
A one-off exceptional charge of £2.5m will be recorded in Silverdell’s first half results for 2013. Although underlying profit for 2013 will not be affected, net debt will be some £1m higher than previous expected as a result.
Shaw was taken over by Chicago Bridge last year for $3bn.
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