The claimant sued the defendant for approximately €10 million under a sub-contract to conduct geological studies in the waters offshore Iran. The claimant had previously held negotiations with the purchaser under the main contract, IOOC, seeking payment of sums due from the defendant. In the negotiations, the claimant had offered to accept a reduced sum for the work done (€7.5 million and then €6.5 million), but no agreement was reached.
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