Equatorial case closed
The settlement with Equatorial involves payments of USD 101 million by Aker Kvaerner's US subsidiary to Equatorial. Insurance proceeds will cover USD 75 million of the USD 89 million that will be paid now. The remaining amount will be paid in two USD 6 million installments, in 2005 and 2006 respectively. The parties have agreed to discontinue all legal processes and close the books concerning the Tonopah project in Nevada, US. The accounting effect for the Equatorial settlement was an exceptional charge of NOK 330 million in the fourth quarter 2003, including costs and write-off of