Santos (ASX:STO) has confirmed that Fluor Australia has paid $1.07 billion following the Queensland Supreme Court’s ruling delivered on Aug. 8.
After deducting GST and legal fees, Santos will record its net share of approximately $240 million on its balance sheet.
The payment marks a significant milestone in the long-running legal proceedings initiated by Santos against Fluor.
In 2021, the Queensland Court of Appeal upheld Santos’ right to pursue its claims.
A 2023 tribunal, comprising three referees, including two former judges and a senior counsel, determined that Santos was entitled to recover around $793 million.
Justice Freeburn upheld these findings in full in August and also awarded Santos interest.
Santos noted that Fluor filed an appeal against the Supreme Court's judgment in October, and if successful, some or all of the funds may need to be returned. The appeal hearing is scheduled for July 2026.
The dispute originated from a 2011 engineering and construction contract between Santos and Fluor for the development of production facilities at the Gladstone LNG Project, with construction taking place between 2011 and 2014.