A Federal High Court sitting in Lagos, yesterday, adjourned till April 16, 2014 to hear a suit by the Lagos Deep Offshore Logistics, LADOL, against Samsung Heavy Nig. Ltd, over breach of contract.
LADOL in the suit, is praying the court to restrain Samsung Heavy Industries Nig. Ltd, from breaching its contract with the plaintiff.
The plaintiffs are contending in the suit that Total Nig. Ltd had awarded a $3.8 billion contract to Samsung, for the integration of a Floating Production Storage and Offloading, FPSO, platform otherwise known as Egina project, adding that Samsung presented LADOL to the defendants as a Local Content Partner, LCP, in a bid to secure the contract, since an LCP was a pre-requisite for the award of such contract.
LADOL averred that an additional $214 million was awarded by Total Nig. Ltd in favour of the LCP and when the contract was eventually awarded to Samsung, it excluded LADOL from the scheme of arrangement, after using it as a bait to secure the contract.