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| BacMan Geothermal Production Field (Courtesy EDC) |
Energy Development Corp. (EDC) said Tuesday wholly-owned subsidiary Bac-Man Geothermal Inc. and Scottish contractor Weir Engineering Services Ltd. settled their respective claims on the rehabilitation works of the Bac-Man geothermal facility in the Bicol region.
“EDC is pleased to announce that BGI has informed it that all claims arising under the contract have now been settled on terms satisfactory to BGI and Weir,” EDC said in a disclosure to the stock exchange.
Bac-Man Geothermal agreed to return $1.89 million to Weir and both parties “have agreed to jointly take steps to cause the discontinuance of the arbitration.”