Samsung Heavy Industries Nigeria (SHIN) has said that its subsidiary, SHI-MCI has not breached any law or the sublease agreement as being alleged by logistics giant, LADOL in respect of respect of the Egina Floating Production Storage Offloading (FPSO) in Lagos waters. Managing director of SHIN Limited, Mr. Yong-ho Jo said that though LADOL had alleged breach of clause 9.6(b), this only deals with a situation “where the consent or approval of the sub-lessor (GRML) is required to any act of the sub-lessee (SHI MCI FZE) under this Sub-Lease Agreement”.
Jo told newsmen that the two parties were currently in court over the dispute, adding that the issues will be determined by an appropriate body. He also said that it was not SHIN that fixed the cost of the facility, explaining that the valuation was based on quotation from third parties. He said, “The option of project finance was not feasible with respect to the facility as it was a Greenfield project without any assets and no…
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