Samsung Heavy Industries said Wednesday it will file a lawsuit against Russia’s largest shipbuilder, Zvezda, for “illegally” terminating shipbuilding equipment supply contracts worth KRW4.85trn ($3.5bn). The Korean shipbuilder said it will also seek damages through international arbitration.
In 2020 and 2021, Samsung Heavy signed contracts with Zvezda Shipbuilding Complex to supply parts and steel hull blocks for 10 icebreaking LNG carriers and seven shuttle tankers.
However, in the wake of Russia’s invasion of Ukraine in 2022, the US government placed sanctions on Zvezda leading the two yards to discuss how to resolve the contract. Last year, Zvezda unilaterally claimed Samsung had defaulted on its obligations and moved to cancel the agreement, something Samsung Heavy is now fighting, having also withheld $800m in advance payments.
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino.
Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.
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