12.06.2014
Prolongation of the guarantee on the contract: Construction of a pipeline DN700 Szczecin-Gdańsk
On June 10, 2014, the Board of Stalprofil SA learned about signing by Towarzystwo Ubezpieczeń Euler Hermes SA of annexes to the Agreement for granting contract under the revolving limit, which increases the terms of the guarantee proper execution and proper removal of defects contract "Construction of the pipeline DN 700 Szczecin-Gdańsk: Stage II Karlino-Koszalin, Stage III Koszalin-Słupsk and Stage IV Słupsk-Wiczlino", granted to OPG GAZ-SYSTEM SA with its registered seat in Warsaw. The validity of guarantees has been extended up to November 14, 2014 in connection with claims for non-performance or improper performance of the contract and up to 14 November 2017 with regard to warranty claims and their value has not changed and is respectively 27 537 510,60 PLN and 8 261 253.19 PLN.
At the same time on the order of Stalprofil SA has been extended until January 13, 2015 the period of validity of the advance payment, PKO BP SA granted to the beneficiary - OGP Gaz-System SA. The total amount of advance payments used to finance the implementation of the contract received by the Consortium Leader - ZRUG Zabrze SA from OGP Gaz-System SA amounted to PLN 51 500 thousand (gross).
The term of the above warranty has been extended due to the postponement of execution of the contract of 10 May 2012 on the general implementation of the investment "construction of the pipeline DN 700 Szczecin-Gdańsk: Stage II Karlino-Koszalin, Stage III Koszalin-Słupsk and Stage IV Słupsk-Wiczlino" (current report 11/2014).
Financial terms on which the guarantees were granted do not differ from the market for this type of contract. Guarantee contracts, which have been prepared in the annexes meet the criterion of a significant agreement because their value exceeds 10% of the equity of the issuer.
At the same time on the order of Stalprofil SA has been extended until January 13, 2015 the period of validity of the advance payment, PKO BP SA granted to the beneficiary - OGP Gaz-System SA. The total amount of advance payments used to finance the implementation of the contract received by the Consortium Leader - ZRUG Zabrze SA from OGP Gaz-System SA amounted to PLN 51 500 thousand (gross).
The term of the above warranty has been extended due to the postponement of execution of the contract of 10 May 2012 on the general implementation of the investment "construction of the pipeline DN 700 Szczecin-Gdańsk: Stage II Karlino-Koszalin, Stage III Koszalin-Słupsk and Stage IV Słupsk-Wiczlino" (current report 11/2014).
Financial terms on which the guarantees were granted do not differ from the market for this type of contract. Guarantee contracts, which have been prepared in the annexes meet the criterion of a significant agreement because their value exceeds 10% of the equity of the issuer.