Lyttelton Port Company has reached a settlement with its insurers on damage to its infrastructure from the Christchurch earthquakes.
The Port put its shares into a trading halt before the announcement on Thursday.
The announcement came after being in mediated talks with its insurers, Vero, NZI and QBE in recent days.
Port chairperson Trevor Burt, said all settlements involve payment of $438.3 million plus GST, which is a gross amount of $450 million less deductibles of $11.7 million.
He said the Port has already received payments from its insurers of $55.6 million. The total amount remaining to be paid by the insurers in respect of all of the claims will be $382.7 million plus GST.
Payment will be made in full by 28 February, 2014.
Mr Burt said all parties are satisfied with the outcome, which is 3½ years after the first earthquake in September 2010, and recognising the complexity of the claims.