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

Legal

Growing American Shipping Bill Introduced by Garamendi

Congressman John Garamendi (D-CA-03), Ranking Member of the House Transportation and Infrastructure’s Coast Guard and Maritime Transportation Subcommittee, informs ot the introduction of  H.

Orica Fined Heavily for Australian Pollution Incidents

Orica Australia Pty Ltd has been convicted and penalised $768,250 in relation to charges brought by the NSW Environment Protection Authority (EPA) for pollution

Canaveral Shipwreck Search Permit Granted to Seafarer's Quest

Research and recovery of historic shipwrecks experts Seafarer Exploration Corporation says that Seafarer's Quest, LLC has successfully been granted a three year

Shipbuilding

Fincantieri to Build Third New Princess Cruises Ship

Fincantieri says it has signed an agreement with Carnival Corp. to build  the new cruise ship for its Princess Cruises brand at a cost of about 600 million euros.

ATB Barge Project for Murray & Associates

Murray & Associates, LLC has been commissioned to deliver a comprehensive design package for an 185,000 BBL Chemical Tank Barge new construction project. The

Gladding-Hearn Builds New Boat for Delaware Pilots

The Delaware pilots association has ordered its third pilot boat of the popular Chesapeake class from Gladding-Hearn Shipbuilding, Duclos Corporation. Delivery

Tanker Trends

Top Ships Enters 3 New Charters

TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products, announced

US Crude Oil Exports Hit 15-year High

U.S. crude oil exports reached 288,000 barrels per day (bpd) in May, the highest levels since April 1999, data from the U.S. Energy Information Administration showed on Wednesday.

Iraqi Kurdish Pipeline Stopped; Tanker in Limbo off Texas

Iraqi Kurdistan's attempts to export oil independently of Baghdad hit another obstacle on Wednesday, as a Turkish energy official and industry sources said the

Finance

Hornbeck Offshore Ride High on Q2 2014 Results

Hornbeck Offshore Services, Inc. has announced its financial results for the second quarter ended June 30, 2014.  Following are highlights for this period and excerpts

BAE Systems Awarded Two Navy Contract Modifications

The US Department of Defense informs it has awarded separate contracts to BAE Systems in Jacksonville and in Norfolk for ship repairs and modifications as follows: 1.

Exxon Mobil Corporation Declares 3Q Dividend

The Board of Directors of Exxon Mobil Corporation yesterday declared a cash dividend of 69 cents per share on the Common Stock, payable on September 10, 2014 to

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.3403 sec (3 req/sec)