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Samsung Heavy settles legal dispute with Japan's INPEX out of court

All News 17:56 September 27, 2021

By Nam Kwang-sik

SEOUL, Sept. 27 (Yonhap) -- South Korea's Samsung Heavy Industries Co. said Monday it has settled its legal dispute with Japanese oil and developer INPEX by mutual agreement.

Samsung Heavy said in June it was countersued by INPEX after the shipbuilder filed a complaint against the Japanese firm for not paying the rest of the contract amount in April.

"The parties (in the lawsuit) have settled the legal dispute out of court," Samsung Heavy said in a regulatory filing.

Samsung completed the installation of central processing facility (CPF), one of the offshore plants, in the seas off the coast of Australia in 2019, seven years after it won an order for it from INPEX.

This undated file photo provided by Samsung Heavy Industries Co. shows an offshore plant being built by the shipbuilder. (PHOTO NOT FOR SALE) (Yonhap)

After the installation, Samsung asked the Japanese company to pay the rest of the contract amount, worth US$116 million.

But INPEX turned down the demand, saying the delayed working period of the facility caused its work on the seas to be set back.

Samsung on April 30 lodged a complaint with the Singapore International Arbitration Centre against the Japanese firm seeking payment for the rest of the contract amount.

ksnam@yna.co.kr
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