Samsung Heavy Industries Co., a South Korean shipbuilder, has been ordered by an arbitration centre in London to compensate US$290 million to SK Shipping Co. over defects in two liquefied natural gas (LNG) carriers, reports Business Korea.
In a regulatory filing, Samsung Heavy said the London arbitration centre found that the shipbuilder is responsible for failing to fix the defects in the LNG carriers. Due to the defects, an affiliate of SK Shipping was forced to suspend operations of the LNG carriers, according to the filing.
Shares of Samsung Heavy dived 6.28 per cent to 7,460 won at one point in Monday trading.
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Source: Business Korea
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