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InterOil Corporation Message Board

  • monty3card monty3card Mar 22, 2013 11:55 PM Flag

    Looks like FLEX LNG Ltd. is basically KAPUT

    Company Update

    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
    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 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.

    ---------

    #$%$.B.A.R.?

    Remember Phil's $10 or $11 million dollar investment in FLEX with IOC funds?

    Sentiment: Strong Sell

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