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

Legal

Pariah Containership Banned from Australian Ports

The Australian Maritime Safety Authority (AMSA) informs that it has issued a direction to the container ship 'Vega Auriga' (IMO 9347786) that prohibits the ship

RN Warship Intercepts Caribean Drug Smugglers

Royal Navy warship HMS Argyll has seized £21 million worth of cocaine after a 12-hour pursuit across the Caribbean, informs the Ministry of Defence. Sailors then

Mexican Economy Ministry Slams US Sugar Decision

Mexico's Economy Ministry said on Tuesday a preliminary decision by the United States to impose anti-subsidy import duties on Mexican sugar was a setback in trade

Shipbuilding

Smart-Ship 'Quantum of the Seas' Readies

Tech-savvy modern travelers will be wowed by Royal Caribbean International's newest ship, 'Quantum of the Seas', which incorporates unprecedented levels of technology

Transnet National Ports Authority Orders 9 Voith Water Tractors

In South Africa’s largest local shipbuilding contract Transnet National Ports Authority has ordered nine new Voith Water Tractors (VWT) for use in several ports across the country.

Gazprom, Sovcomflot Expand LNG Transport Cooperation

Gazprom and Sovcomflot named the new state-of-the-art 170,000m³ liquefied natural gas carrier (LNGC) Pskov, after one of the oldest Russian cities. The ship will

Tanker Trends

Pine Galaxy Expected to Arrive in San Francisco Today

The disabled mixed-products tanker Pine Galaxy is expected to arrive in San Francisco Wednesday morning. The ship is being towed by commercial tug to San Francisco Bay.

Gazprom, Sovcomflot Expand LNG Transport Cooperation

Gazprom and Sovcomflot named the new state-of-the-art 170,000m³ liquefied natural gas carrier (LNGC) Pskov, after one of the oldest Russian cities. The ship will

GPE Secures MARS Tanker Power Contract

Gresham Power Electronics (GPE), the Salisbury-based defence and commercial power conversion specialist, has secured a £1.18 million order to supply uninterruptible

Finance

Seadrill's Q2 2014 Revenue Holds Nearly Steady

Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report.

COSCO Resorts to Rate Restoration for F. East to S Africa Trade

COSCO Container Lines would like to announce Rate Restoration for all shipments (include reefer cargo) from Far East to South Africa Trade and take effect from September 1, 2014.

MN 100: Crowley

9487 Regency Square Boulevard Jacksonville, FL 32225 Tel: (800) 276-9539 Email: corpcomm@crowley.com  Website: www.crowley.com Chairman & CEO: Thomas B.

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar 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: 0.1091 sec (9 req/sec)