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FLEX LNG Ltd. yesterday announced that Samsung Heavy Industries (SHI) and FLEX LNG have executed a binding and final settlement agreement.
As a result, arbitration proceedings have been discontinued and all actual and potential claims and counterclaims arising out of past relationships and under previous contracts between the parties have been settled. As part of the settlement agreement, two ship building contracts have been entered into between SHI and FLEX LNG for two 174,000 m3 TFDE LNG Carriers at prices reflecting current market conditions. As a result of the settlement agreement the parties have agreed to redeploy USD 210 million from payments already made to SHI by the FLEX LNG group, which will be used as the first instalment for the two vessels.
Arntzen de Besche, represented by Karl-Johan Gombrii and Atle Gabrielsen, have assisted FLEX LNG Ltd. both during preparations for arbitration, as well as negotiations leading up to settlement and the entry into of the two new shipbuilding contracts. Pinsent Masons has acted as English solicitors for FLEX LNG Ltd.