Milan, 17 January 2013 – Maire Tecnimont S.p.A. informs that – in relation to the EPC contract for the construction of Bocamina II thermoelectric plant in Chile and in the framework of the pending arbitration proceeding against Endesa Chile (Enel Group) before the ICC in Paris – its subsidiaries, Tecnimont, Tecnimont Chile and Tecnimont do Brasil have filed the relevant briefs and counterclaims.
The total amount of damage claimed by Tecnimont Group from Endesa Chile (Enel Group) has been quantified in USD1.3 billion.
The amount claimed includes the restitution of the value of the bank guarantees that Tecnimont claims illegally enforced by Endesa Chile as well as the greater costs that should have entitled contract variations, especially as a result of the big earthquakes and of the extremely violent protests of the local population against the plant construction. The amount claimed also considers the residual part of the contract price, which has not been paid yet by Endesa Chile, and the damages caused by the collection of the bank guarantees by Endesa Chile on 16 October 2012, which Tecnimont deems lacking the presuppositions required.
Starting from December 2012, the consortium of which Tecnimont is a member had notified Endesa Chile of the EPC contract termination for breach of the same Endesa Chile. It should be noted that all costs associated with the project, including the provision relating to the guarantee enforcement, have been booked in the interim report at 30 September 2012.
Maire Tecnimont SpA
Maire Tecnimont is an international leading Group in the sectors of Engineering & Construction (E&C), Technology & Licensing and Energy & Ventures with specific skills in plant engineering in particular in the hydrocarbon industry (Oil & Gas, Petrochemicals, Fertilizers) and also in Power Generation and Infrastructures. The Group is listed on the Milan Stock Exchange and is present in over 30 countries, controls over 50 operating companies and has about 4,700 employees, half of whom are located abroad. At 31 December 2011 the Group reported revenues for €2.6 billion and a backlog of about €4.9 billion. For further information: www.mairetecnimont.com.
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