The terms of the settlement are confidential, but Penguin said it sued Wartsila for loss and damage in Singapore in 2011 after a $25m order by Abu Dhabi National Oil Co (Adnoc) for two safety standby rescue vessels was scrapped.
Penguin booked an impairment provision of $18.8m in 2010 as result.
Wartsila Ship Design supplied the blueprints for the 4,800-bhp vessels to Penguin.
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