USA: SSP Offshore Inc. Gets $3 M Arbitration Award

SSP Offshore Inc. has been notified that a binding arbitration award has been granted in its favour relating to the arbitration with South Riding Point Holding Ltd.

The arbitrator has awarded a total of $3,272,313 (U.S.) to a wholly owned subsidiary of the corporation inclusive of legal and arbitration costs. The arbitration award, arising from an action filed in 2006 by the corporation, relates to a dispute with a client of the subsea engineering division that was sold by the corporation in 2009. At the time of the sale of the engineering business, the corporation retained the risk and benefit of the pending arbitration.

In addition, the corporation announces that it has filed its unaudited financial statements for the first quarter ended March 31, 2010, along with the management’s discussion and analysis relating thereto. The corporation’s financial statements and accompanying disclosure documents are available on-line at SEDAR.

SSP Offshore Inc. is a solutions‐based company focused on the global offshore oil and gas industry. The principal technology is the patented SSP® platform, a game‐changing round floater that is rapidly redefining the FPSO. The multi‐functional SSP platform is available for a complete range of offshore applications, including storage, processing, offloading and drilling of crude oil and natural gas. Each unit is fully customizable to regional conditions, applications and operator requirements.

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Source:SSP , May 25, 2010;