MUSCAT : Voltamp Energy said it has reached an amicable settlement worth about $698,000 (RO 268,500) with the Oman Export Credit Agency, known as Credit Oman, bringing a long-running legal dispute to a close.

In a disclosure to the Muscat Stock Exchange, the company said the settlement follows a referral by the Seeb Court of Appeal, which had earlier transferred the commercial case to the Investment and Commerce Court of Appeal.

Voltamp said the agreement was reached through mutual understanding between the boards of directors of Voltamp Energy and Oman Export Credit Agency.

Under the terms of the settlement, the parties agreed on a final amount of RO 268,500 riyals, equivalent to about $698,000, to fully resolve the claim, suspend and terminate all related legal proceedings, and close the case.

The company added that Credit Oman has already paid the agreed amount and that the dispute has been formally concluded through an amicable settlement.