UKJV Confirms Commercial Settlement of Ichthys SMP Project Up to May 31

UGL Ltd., a Sydney-based engineering, construction and maintenance services provider, confirmed Monday that the UGL-Kentz Joint Venture (UKJV) has formally executed an agreement with JKC Australia LNG Pty Ltd. on a commercial settlement on the partners' claims on the Ichthys structural, mechanical and piping (SMP) project in Australia up to May 31.

"The commercial settlement arrangements entered into today are consistent with the cash flow and provision guidance previously provided on the Ichthys projects Aug. 22, 2016," the company said in a press release.

UGL said August 22 that the original value of the Ichthys SMP contract was worth around $280 million (AUD 370 million). UKJV is the contractor handling the construction of the project's onshore facilities.

JKC, comprising JGC Corp., KBR and Chiyoda Corp., is the main contractor for Japan's Inpex Corp.-operated Ichthy liquefied natural gas project located offshore northwestern Australia.

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