Norway’s Höegh LNG shipowner and operator of FSRU’s has amicably settled long-standing disputes and pending arbitrations with the charterer of PGN FSRU Lampung.
The Oslo-based company said the parties had reached an amicable settlement by which the parties have agreed to finally and irrevocably settle all of the disputes, claims, and counterclaims that gave rise to the said arbitration proceedings.
The parties also agreed to terminate the arbitrations with immediate effect.
The charter for the PGN FSRU Lampung remains in full force and effect and each party will cover its costs concerning the terminated arbitrations, according to a statement.
The company in the year 2014 took delivery of the PGN FSRU Lampung, the first of the four newbuilt FSRUs that the company ordered from Hyundai Heavy Industries Ltd (HHI).
The “PGN FSRU Lampung” sailed to Lampung in Indonesia to commence 20 years of operation for the Lampung FSRU project, the owner said on April 22, 2014.
The PGN FSRU Lampung unit on July 21, 2014 commenced commercial operation for its client Perusahaan Gas Negara (PGN). The PGN FSRU Lampung further completed receiving its first cargo of LNG through a ship-to-ship (STS) transfer on 27 July, and entered its final commissioning phase.
“The contract with PGN is for 20 years,” Höegh LNG reported at that time.
