Arctic LNG-2 has demanded approximately $1.02 billion in damage restitution from the South Korean shipbuilder Hanwha Ocean.
The claim has been filed with an international arbitration tribunal in Singapore.
The parties signed contracts in 2020 for the construction of three Arc7 ice-class vessels, valued at $850 million. Delivery of the gas carriers was scheduled for no later than July 31, 2023.
However, in 2022, Hanwha Ocean announced the termination of the gas carrier construction contract due to Western sanctions against Russia.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
