Norwegian Flex LNG demands USD 300 million from Samsung

Stock listed Flex LNG has taken the initial steps in a demand for a USD 300 million reimbursement from Samsung Heavy Industries following a failed newbuilding order for four FPSOs.

Norwegian stock listed Flex LNG ordered four so-called FPSOs - floating product- and storage ships - an order that has now been cancelled.

The ships were ordered from Samsung Heavy Industries in South Korea, for a total of USD 2.4 billion, corresponding to almost 20 percent of the shipyard's annual revenue, but the circumstances surrounding the cancellation of the massive order remain somewhat unclear.

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