Total, SHI resolve dispute over $3.3b Egina FPSO

Total Upstream Nigeria Limited (TUPNI) and Samsung Heavy Industries (SHIN) have resolved for out-of-court settlement over controversies trailing the $3.3 billion Egina Floating Production Storage and Offloading Vessel (FPSO).

The new development will apparently facilitate the completion of the FPSO, which is currently lying offshore and bring the parties closer to realisation of 200,000 barrels of crude oil per day from the Egina Deepwater Oilfield.

The two firms had been flexing muscles in a legal battle over the contract for the building of the $3.3 billion FPSO unit constructed for the $16 billion Egina Deepwater oilfield being developed by Total, a global oil giant.

Total had in a letter signed by its Executive General Manager, Egina Project, Jean-Michel Guy, and addressed to the Group General Manager, National Petroleum Investment Services (NAPIMS), a division of the Nigerian National Petroleum Corporation (NNPC), informed the agency of the settlement.

Source: The Guardian

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