Santos has received $1.073 billion from Fluor Australia following a Queensland Supreme Court decision in the company’s favour, initially delivered on August 8. After accounting for GST and legal fees, Santos anticipates recognising approximately $240 million ($US160 million) on its balance sheet. Santos is a leading Australian oil and gas exploration and production company. The company supplies essential fuels to homes, businesses, and major industries.
The payment represents another significant development in the ongoing legal proceedings against Fluor, which originated from a 2011 engineering and construction contract related to the Gladstone LNG (GLNG) project. In 2023, a tribunal of referees determined that Santos was entitled to recover approximately $793 million, excluding GST. The Supreme Court subsequently upheld this ruling and awarded interest to Santos.
However, Fluor has lodged an appeal against the judgment, with a hearing scheduled for July 2026. Should Fluor’s appeal be successful, Santos may be required to return some or all of the funds received. The ultimate outcome of this appeal will determine the final financial impact on Santos.
The resolution of the dispute with Fluor will positively impact Santos’s financial standing. Santos will continue to pursue a resolution to the appeal.
