Road Town, Tortola, 06 March 2013. FLEX LNG (Oslo Axess: FLNG) would like to
provide shareholders with a brief update regarding the ongoing dispute with
Samsung Heavy Industries (“SHI”).
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
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 FLEX 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.
Remember Phil's $10 or $11 million dollar investment in FLEX with IOC funds?
"State-run Korea Gas Corp., the world’s biggest LNG buyer, said March 12 that its February domestic sales of natural gas fell 6.8 percent to 3.91 million tons from a year earlier. Demand from electricity producers slipped 8.4 percent, it said." ( Bloomberg, March 14 )
Imposter, bonk. Why don't you tell us about those Asian "headlines" you're lying about.