Shipbuilding Order Dispute to the Tune of US$300-million

Press Release
Friday, March 08, 2013

FLEX LNG (HQ in Tortola) is in continuing dispute with Samsung Heavy Industries and briefs its shareholders as follows:

"As previously announced, FLEX LNG considers the four shipbuilding contracts and the EPCIC that were entered into with SHI in 2008, to have been abandoned.

FLEX LNG has requested that SHI repays a net amount in excess of USD 300 million and appropriate actions are being taken to secure the repayment of the said funds.

In response to FLEX LNG's actions, SHI has recently  maintained that it has no obligation to repay any funds and, as was expected, on 05 March 2013 SHI purported to terminate the aforementioned contracts.

The purported terminations – which cannot be effective if the Contracts have been abandoned as FLEX maintains, do not alter FLEX LNG's position, nor do they affect the actions currently being taken by FL EX LNG for the commencement of arbitration proceedings to recover its funds.

FLEX LNG will update its shareholders of the ongoing dispute as additional information becomes available"
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Dredging the River Elbe: Waiting for Luxembourg

Decision delayed on the Deepening and Widening of the Navigation Channel of the Lower and Outer Elbe The Federal Administrative Court in Leipzig today adjourned

New Inspection Requirement for Ships in Paris MOU

Lloyd’s Register advises that the St. Vincent and the Grenadines Maritime Administration has issued Circular No. PSC 033 which requires additional inspections (termed

Yara Completes Acquisition of OFD Holding

Yara International ASA has obtained relevant regulatory approvals and closed the acquisition of OFD Holding Inc. (OFD) allowing the integration process to start.

Shipbuilding

First Damen ASD 2810 Leaves for Trinidad

First delivery of Damen ASD Tug 2810, ARC Towage signed four contracts total in Barcelona, Spain On July 31, 2013, ARC Towage signed four contracts at the Netherlands

TOTE Finalizes Charter for LNG Containerships

World’s first LNG powered containerships to serve Puerto Rico TOTE, Inc. announced an agreement today between its operating companies TOTE Shipholdings Inc.

MOL, Osaka Gas’s Newbuild LNG Carrier Named

Mitsui O.S.K. Lines, Ltd. (MOL) announced that a naming ceremony for the LNG Venus, a newbuilding liquefied natural gas (LNG) carrier, was held at the Nagasaki Shipyard of Mitsubishi Heavy Industries,

Tanker Trends

Oil Traders Say OPEC May Be Heading for Price War

Saudi Arabia's decision to slash the official selling price for its oil has sparked trader talk of an emerging OPEC price cutting war, as members of the producer

MOL, Osaka Gas’s Newbuild LNG Carrier Named

Mitsui O.S.K. Lines, Ltd. (MOL) announced that a naming ceremony for the LNG Venus, a newbuilding liquefied natural gas (LNG) carrier, was held at the Nagasaki Shipyard of Mitsubishi Heavy Industries,

Frontline & TI form new VLCC Company

Frontline Management (Bermuda) Ltd. and Tankers International LLC (TI) today announced the formation of a new company, VLCC Chartering Ltd ('the Company').

Finance

Oil Traders Say OPEC May Be Heading for Price War

Saudi Arabia's decision to slash the official selling price for its oil has sparked trader talk of an emerging OPEC price cutting war, as members of the producer

Yara Completes Acquisition of OFD Holding

Yara International ASA has obtained relevant regulatory approvals and closed the acquisition of OFD Holding Inc. (OFD) allowing the integration process to start.

Vallianz Acquires OER Holdings for $28m

Vallianz Holdings Limited, a provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has today announced that it is acquiring OER Holdings Pte.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0976 sec (10 req/sec)