Concordia forecast hit by court verdict
Concordia Maritime has cut its 2006 earnings forecast by more than 25 percent. A London court ruled that Concordia must pay USD3.6 million to a Halliburton subsidiary. This is compensation for repair and steel replacement work done on a vessel Halliburton bought in 2000. According to Göran Hermansson, financial manager at Concordia, they will probably make a decision on whether to appeal the decision or not by the end of the first quarter.
Source
:
Observer, Lloyd's List
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