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Sun February 28 2021

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Balfour Beatty disappointed by $8m arbitration award

10 Apr 14 Balfour Beatty’s professional services subsidiary Parsons Brinckerhoff has been awarded US$8m (£4.8m) in a longstanding contract dispute.

The award follows a lengthy arbitration process. The arbitration found in Parsons Brinckerhoff's favour on a number of matters, but the overall award of US$8m is significantly lower than management expectations.

“Finalisation of this process allows us to settle all outstanding matters on the escrow account established at the time of the Parsons Brinckerhoff acquisition, subject to final agreement with the previous owners,” said Balfour Beatty.

Overall, the contribution to the 2014 income statement is expected to be nil, which is £12m lower than anticipated. The company expects to receive net cash in excess of US$20m, primarily from the escrow account.

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