Dublin firm continues bid to recover millions from HSE over ventilator contract
New financial accounts show Narooma Limited is still pursuing the Health Service Executive for a multimillion euro debt stemming from a collapsed 2020 pandemic deal.
By Emily Brooks ·
Dublin-based medical devices company Narooma Limited is actively working to recover a multimillion euro sum owed by the Health Service Executive, according to newly filed financial accounts. The debt arises from a collapsed contract for 350 ventilators agreed upon during the early stages of the coronavirus pandemic.
The dispute began in April 2020, when the company sued the HSE after the health service failed to pay for the equipment under a deal valued at €7.5 million. In May of last year, the International Chamber of Commerce International Court of Arbitration ruled in favor of Narooma. The tribunal ordered the HSE to pay the firm close to €2.77 million for the breach of contract.
The latest accounts, approved on October 14, 2026, state that the HSE remains liable for the principal sum of approximately €2.7 million. The ruling also requires the HSE to pay simple interest at a rate of 2 per cent per annum starting from March 19, 2021, until the date of full payment. Additionally, the health service is responsible for the company’s full costs associated with the arbitration and legal proceedings.
Previous reporting indicated that the total bill for the HSE, including additional compensation, could reach almost €6 million. As of the most recent financial statement, Narooma noted it was still taking steps to recover the awarded amounts. John Ward, the sole owner and director of the firm, said that he could not comment on the arbitration award due to confidentiality obligations.
An HSE spokeswoman confirmed that the health service has discharged applicable payments, including interest, pursuant to the award. She noted that the HSE could not provide further details regarding the arbitration because of its confidentiality obligations. The financial impact of the case is visible in Narooma’s latest results, which show a profit of €1.8 million for the year ended March 3, 2026.
The profit moved the company into the black, resulting in accumulated profits of close to €1.7 million. The firm reported having €1.8 million in cash at bank at the end of that financial year. Total assets less current liabilities stood at nearly €1.7 million. The Irish Times understands that part of this profit was linked to the HSE paying some of the outstanding sum to Narooma.
Beyond the arbitration with the HSE, Narooma is pursuing a separate legal action against IDA Ireland. The company filed a High Court claim in October 2020 regarding the same ventilator deal. Court records show that the case was listed for mention last Friday but was adjourned. A further mention is scheduled for November 27, 2026.
Ward stated in a written statement that his company intends to press ahead with the High Court claim. He described the action as a claim for tortious interference with commercial interests. “We are pressing ahead with our separate High Court claim against IDA Ireland,” Ward said. An IDA Ireland spokeswoman said the organization was precluded from commenting because the matter is currently before the courts.
Narooma Limited lists John Ward as its only director and is solely owned by him. Ward also serves as a director for three other companies. One of these is Servblock Limited, a start-up that uses blockchain technology to help pharma sector manufacturers with quality compliance. The company’s financial year ended on March 3, 2026.
