BHP Billiton has agreed to a financial settlement as part of a consortium that had brought a claim against Dalmine SpA in April 1998.
The claim followed the failure of an underwater pipeline installed subsea in 1994 in the Liverpool Bay area of the UK continental shelf. The pipeline failed in 1996, two months after being commissioned.
The terms of the settlement provide that a total of £108 million is to be paid to the consortium. BHP Billiton is a 46.1% shareholder in the Liverpool Bay development.
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