Italian oil service company Saipem said today that it had been ordered to pay Algerian firm Sonatrach $135million in compensation in connection with a construction project.
The ruling came from the ICC International Court of Arbitration and relates to a dispute going back to March 2014.
The court said the compensation was for loss of production from a liquefied petroleum gas project.
Saipem, which was awarded the contract for the job in 2008, denies the charge.
Saipem said: “We will review the reasons for the decision and reserves its rights in respect of any further recourse against the award.”