France-based LNG containment manufacturer GTT and compatriot shipyard Chantiers de l’Atlantique have decided to put an end to their dispute.
Namely, the two companies have agreed to dismiss all lawsuits opposing the two sides since 2006.
The settlement agreement, signed on November 25, includes Chantiers de l’Atlantique’s sale of a patent portfolio concerning specific LNG membrane containment technologies, GTT said.
The company did not disclose any details on the financial terms of the agreement.
The disputes between the two sides protracted for almost ten years following a technical glitch related to a CS1 membrane containment solution that GTT granted licence for to the shipyard in 2001.
In 2005, the two companies found a technical solution to the issue, which resulted in a compensation transaction by GTT and its insurers to Chantiers de l’Atlantique totaling in € 18.3 million (EUR 194 million).
However, this was followed by several other issues that resulted in seeking arbitration from an international arbitration in 2006.