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Collapsed tube maintenance firm Metronet could claim back up to £1 billion of the money that it has overspent, it was claimed today.

Metronet was forced into administration in July after running up some £2 billion worth of unscheduled costs while upgrading nine of London's 12 underground train lines.

But in a ruling today the arbiter of the public-private partnership (PPP) deal suggested that the company was due additional money from London transport bosses for extra work that it carried out during the first seven-and-a-half years of the 30-year contract.

Government-appointed arbiter Chris Bolt subsequently told the Reuters news agency: "They [Metronet] should be paid £370 million to £1 billion more."

But he added that the company needed to "absorb £1 billion to £1.5 billion of inefficient costs".

Reports claim that the arbiter's ruling will come as a blow to Transport for London (TfL), with London mayor Ken Livingstone's transport organisation hoping to take control of Metronet and split up the remains of its £17 billion PPP contract.

It is thought that Mr Bolt's announcement could provide encouragement to potential private-sector bidders who might be interested in taking over Metronet, with the company's administrators reportedly hoping to sell off the firm at the highest-possible price.

A TfL spokesman said today that it was "surprising" that Mr Bolt had chosen to continue his work in relation to Metronet.

"The figures are based on the false hypothesis that Metronet will be an economic and efficient company at some point in the future," the spokesman said.

"Given that Metronet is languishing in administration that is clearly a false premise."