HOUSTON, July 14 /CNW/ - SSP Offshore Inc. (the "Corporation") announces that it has reached a settlement with respect to arbitration award in favor of the Corporation previously announced on May 25, 2010. This agreement has resulted in the Corporation receiving a cash payment in the amount of US $2,672,313 in full settlement of the award.
Paul Illingworth, Chief Executive Officer of the Corporation, stated that "the quick settlement eliminates the ongoing distraction of collecting on an award from an international company and allows us to focus on moving our core business forward. The proceeds of the settlement are important in funding our business plan in the upcoming months as we move to full commercialization of the SSP technology."
In addition, the Corporation announces that it has granted 250,000 stock options to Hugh Parry, a recent addition to the Board of Directors. These options will vest over a period of two years, with the exercise price to be equal to the closing price of the Corporation's common shares on July 14, 2010.
About SSP Offshore Inc.
SSP Offshore is a public company listed under the symbol "SSZ" on the TSX Venture Exchange. The Corporation is actively commercializing its proprietary SSP(R) FPSO platform design in two formats: (i) SSP Base and (ii) SSP Plus+. Visit the company's website at www.sspoffshore.com for more information.
The TSXV has neither approved nor disapproved of this press release.
SOURCE SSP Offshore Inc.
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