BHP Billiton obtains redress from Dalmine
Australian steel producer
BHP Billiton, as part of a consortium, announced that it has reached a settlement with Italian steel
pipe maker Dalmine SpA regarding a failed underwater pipeline project.
The claim was brought against Dalmine, a subsidiary of Luxemburg based steelmaker Tenaris SA, in April 1998.
Dalmine has supplied pipes used by the consortium in an underwater pipeline installation in 1994 in the Liverpool Bay area of
UK continental shelf. The pipeline failed in 1996, two months after being commissioned.
The terms of the settlement require that a total of £108 million is paid to the consortium.
BHP Billiton is expected to receive approximately £54 million as a 41.6% owner of the pipeline.