Ballast Nedam Submits Request for Arbitration

NIEUWEGEIN, the Netherlands, February 9, 2015 /PRNewswire/ --

Ballast Nedam has submitted a request for arbitration to the International Court of Arbitration (ICC) regarding a claim for almost 50 million USD against its client Staatsolie Maatschappij Suriname. The claim arose in 2012 following delays and disruption to the project, for which Ballast Nedam is holding the client liable. The work consisted of steel piling and civil works for the Tout Lui Faut oil refinery expansion project in Paramaribo and was completed successfully in November 2013.

As reported earlier, parties have been engaged in talks to reach an amicable settlement. So far, they have not been able to reach agreement. For this reason and in accordance with the contract, Ballast Nedam has decided to formally submit a request for ICC-arbitration.

Ballast Nedam targets its strategic focus at successfully acquiring and carrying out integrated projects in the working areas of housing, mobility, energy and nature, in the Netherlands and internationally. We will be further expanding related activities in niche markets. We are also engaged in projects where our specialist knowledge and expertise make a real difference for clients. In this context, Ballast Nedam will be taking a differentiated approach to the market, based on three divisions.

By means of the further industrialization of the building process, involving the use of innovative modular concepts and standardization, Ballast Nedam delivers enduring quality at the lowest possible life-cycle costs, both for its clients and for society at large. Shares in Ballast Nedam are listed on the Amsterdam Small Cap Index (AScX) of NYSE Euronext. http://www.ballast-nedam.nl

PRN NLD