Maritime: Settlement on $300m FTZ facility subject to our terms, says LADOL

Maritime: Settlement on $300m FTZ facility subject to our terms, says LADOL

- in World News
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Lagos Deep Offshore Logistics (LADOL) Group is willing to settle with Samsung Heavy Industries (SHI) over ownership of the $300 million integration and fabrication yard at the Lagos Free Trade Zone (FTZ), only on its terms.

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Counsel to LADOL and its free zone management, Prof. Fidelis Oditah, said this while addressing newsmen in Lagos yesterday.

He noted the three aspects to the dispute: “The first is the ownership of SHI MCI FZE, which is a joint venture between LADOL and Samsung formed to perform the Egina Floating Production Storage and Offloading (FPSO) EPC contract between Samsung and Total Upstream Nigeria Limited.

The second aspect is SHI MCI FZE’s sub-lease agreement with a LADOL affiliate, Global Resources Management Limited (GRML).

The third is SHI MCI’s operating licence as a free zone enterprise within the LADOL free zone.

“We are very happy to work with SHI, not on its own terms but ours.”

But SHI had already issued a notice of contempt proceedings against certain directors of the LADOL zone management, saying its operating licence was not renewed and consequently it was unable to access the LADOL free zone.

The publication of the contempt proceedings followed a publication to the effect that the court had restrained LADOL zone management from violating SHI MCI FZE’s operating licence.

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