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Media Release

2017-05-23

MedcoEnergi Awarded USD 24 Million Arbitration Award

Jakarta 23 May 2017 – PT. Medco Energi Internasional Tbk (“MedcoEnergi”) announced today that an UNCITRAL Arbitration Tribunal has awarded its Singapore based wholly-owned subsidiary Medco Strait Services Pte Ltd (“MSS”) approximately US$ 24 million pursuant to its claims against Singapore Petroleum Ltd. and Cue Energy Pty Ltd.  

 

Roberto Lorato, CEO of MedcoEnergi commented “We are pleased with the arbitration tribunal award which confirms our position as having acted in good faith and in full adherence to our contractual obligations”.