05:39 GMT +322 January 2020
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    Rocket and Space Corporation Energia (RSC Energia) and Boeing have finally managed to reach a settlement over a sizeable $330 million debt incurred by the Russian company over the Sea Launch project.

    Russia's RSC Energia and US' Boeing have finally managed to hammer out a settlement following a lengthy litigation which began almost four years ago.

    "The settlement came into effect on February 22, and a joint claim was made by Boeing and RSC Energia on March 16. The California court made a final decision to end this litigation. The issue is now closed forever," Solntsev told RIA Novosti.

    Sea Launch was formed in 1995 as a consortium of four companies from Norway, Russia, Ukraine and the United States, and was managed by Boeing.

    The goal of the project was to employ a mobile maritime launch platform to conduct commercial space launches from the equator which gives the rocket additional speed on lift-off thanks to centripetal force caused by Earth's rotation.

    In 2009 Sea Launch Co LLC, the provider of the Sea Launch service, filed for bankruptcy, and in 2013 Boeing filed a lawsuit claiming that RSC Energia, PO Yuzhnoye and KB Yuzhnoye failed to reimburse Boeing for over $350 million paid to third-party creditors.

    On May 12, the US District Court for the Central District of California ruled in favor of Boeing, stating that Energia owed Boeing more than $320 million plus legal fees.

    According to Solntsev, both parties had to overcome numerous hurdles during the settlement negotiations but finally managed to reach a mutual compromise, and that the deal between Energia and Boeing will now allow the companies to engage in a number of joint ventures.

    "The details of these negotiations remain a commercial secret; what matters is that the partners were able to break the deadlock. We’re now discussing ongoing and ambitious future joint projects, from trips to ISS to deep space flights, which would’ve been impossible without a settlement," he added.

    Solntsev also pointed out that the S7 Group which purchased the Sea Launch project, did not take part in the negotiations with Boeing and will not be making any payments to the US company.

    Related:

    Russian Space Corporation to Create New Launch Vehicle for Sea Launch in 5 Years
    Russia's Energia Hopes to Finalize Deal With Boeing on Sea Launch Project
    Tags:
    space, deal, settlement, court, Sea Launch, S7, Energia Rocket and Space Corporation, Boeing, Vladimir Solntsev, United States, Russia
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