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- Stock Exchange Release
- 01.10.2009 07:00 CET
ARBITRAL AWARD IN THE CONTRACT DISPUTE BETWEEN YIT AND NESTE OIL: NO MATERIAL IMPACT ON YIT CORPORATION'S RESULT
STOCK EXCHANGE RELEASE October 1, 2009 at 8 a.m.
ARBITRAL AWARD IN THE CONTRACT DISPUTE BETWEEN YIT AND NESTE OIL: NO MATERIAL IMPACT ON YIT CORPORATION'S RESULT
The court of arbitration has issued its award in the dispute between YIT Industrial and Network Services and Neste Oil Corporation on September 30, 2009.
The dispute concerned the mechanical installation contract of production line 4 at Neste Oil's Porvoo oil refinery carried out by YIT between 2004 and 2006. The award does not have material impact on YIT Corporation's result.
The court of arbitration ordered Neste Oil to compensate YIT with EUR 8.7 million on contracting works and YIT to compensate Neste Oil with EUR 7.4 million on postponement and other compensation. In addition, the court of arbitration confirmed EUR 3.3 million of undisputed items to YIT.
Neste Oil initiated the arbitration proceedings concerning the dispute that arose in the final financial settlement for the mechanical installation works on production line 4 in April 2008. Neste Oil's claims against YIT Industrial and Network Services amounted to a total of approximately EUR 107 million and they comprised compensation for lost production and damages based on the postponing of the completion of YIT's contract. YIT contested Neste Oil's claims and presented claims of approximately EUR 25 million against Neste Oil. The principle bases of these claims were the work performed under the contract and the additional costs that arose from the prolongation of the contract.
YIT published stock exchange releases concerning the matter on April 1, 2008 and September 1, 2008.
For further information, please contact: Pekka Frantti, President, YIT Industrial and Network Services, tel. +358 50 390 0932
YIT CORPORATION
Virva Salmivaara Senior Vice President, Corporate Communications
Distribution: NASDAQ OMX, principal media, www.yitgroup.com