By Phil Boeyen, ShareChat Business News Editor
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Friday 27th July 2001 |
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A contractual claim relating to the ground conditions experienced in drilling the 10 kilometre tailrace in Fiordland have been under discussion for the past two years.
Fletcher Building has an interest in the outcome through its Fletcher Construction subsidiary, which is part of the FDI joint venture building the tailrace along with US company Dillingham Construction and Austrian firm Strabag AG.
Fletcher Building says the settlement of the claim is in line with the provisions previously established in Fletcher Construction's financial statements, and both parties believe it is a fair and reasonable outcome.
FDI joint venture spokesman, Mark Binns of Fletcher Building, says the tunnel drive phase of the project had been exceptionally difficult and he is delighted that the issues have been resolved.
Both parties also say that resolving the claim will ensure the joint venture is totally focussed on completing the concrete lining of the tunnel and other enabling works.
The project is expected to be completed in April next year.
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