Petrochemical Overruns Lawsuit

ENGlobal to receive $2 million settlement.

Petrochemical Overruns

Houston, TX: (Mar-05-08) ENGlobal, an engineering and design firm with major projects in the petrochemical industry, brought charges against two unnamed clients, alleging cost overruns reported in 2006, on two fixed-price engineering and procurement contractor projects. In a recent development in the case, sources reported that the parties had reached a settlement agreement, in which ENGlobal stands to receive about $2 million, resolving the dispute.

Records show that in the third and fourth quarters of 2006, ENGlobal reported losses of a combined $8 million on the unidentified projects, which the Houston-based company completed. Natalie Hairston, ENGlobal's vice president for investor relations corporate governance, said that the recent settlement with the clients lessens the loss. The $2 million was a negotiated settlement, though the company reported a loss totaling $11 million in its third and fourth quarter earnings for 2006. [BEAUMONT ENTERPRISE: ENGLOBAL SETTLES SUIT FOR $2 MILLION]

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