Samsung Heavy Industries Loses Drilling Equipment Contract Termination Lawsuit... Returns 463.2 Billion KRW
[Asia Economy Reporter Lee Seon-ae] Samsung Heavy Industries announced on the 8th that the London arbitration tribunal ruled on the 5th (local time) that the contract termination for the construction of the semi-submersible drilling rig by Sweden's Stena was lawful.
The arbitration tribunal judged that the shipowner's right to terminate the contract was recognized due to the failure to complete the shipbuilding within the stipulated delivery time.
Accordingly, the arbitration tribunal decided that Samsung Heavy Industries must return 463.2 billion KRW, including advance payments and accrued interest, to Stena.
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The company stated, "We believe that this arbitration tribunal's ruling sets a bad precedent that Stena could intentionally delay the process and terminate the contract amid market downturns after the order was placed," and emphasized, "To prevent recurrence of similar cases and recover losses, we will proceed with an appeal to the UK High Court and continue legal disputes."
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