The Supreme Court has rejected the opposing party's application to appeal against a ruling in an old offshore dispute from April 2015, which was in favour of MT Højgaard. As a result, MT Højgaard will recognise DKK 195 million as income under Special items.
Earlier today, the Supreme Court in London informed that it has rejected an application from MT Højgaard’s opposing party to allow an appeal against the ruling in an old dispute. Accordingly, the matter is now considered as finally settled.
The facts of the case are that in 2007-2009, MT Højgaard designed, fabricated and installed foundations for the Robin Rigg Offshore Wind Farm, off the west coast of Scotland. Following completion of the works, weaknesses were discovered in the grouted connections of the foundations as a result of errors in the then applicable international standard issued by DNV. The wind farm client, E.ON Climate and Renewables, claimed MT Højgaard was responsible for the problem with the grouted connections and that MT Højgaard should pay damages. MT Højgaard denied liability arguing that the Group had observed the applicable international standard as required by the client.
The Court of Appeal found that MT Højgaard was not liable to the client. See MT Højgaard's announcement of 30 April 2015 on the matter.
With this final settlement of the case, MT Højgaard will now recognise the provision of DKK 195 million made in the matter under Special items.
On November 12 2015, the Group will publish its interim report for third quarter 2015 which will include a statement for the financial guidance for the year.
Forward-looking statements are inherently subject to risk and uncertainty which may cause actual developments to differ materially from the guidance provided.