Chicago Bridge & Iron Company (CBI) has reached a settlement agreement with Cameron LNG relating to the three-train LNG liquefaction project in Hackberry, Louisiana. CB&I is constructing the project through CCJV, a joint venture with Chiyoda International Corporation.
The settlement resolves all known and unknown claims to date (including impacts from Hurricane Harvey) and includes the following key components:
- Resolves all past commercial issues and increases the certainty of the project schedule, which has all three liquefaction trains producing LNG in 2019
- Provides incentive bonus payments related to expedited project completion
- Waiver of any schedule-related liquidated damages related to the original contract and reestablishment of liquidated damage start dates according to the settlement
Chicago Bridge & Iron Company (CBI) has reached a settlement agreement with Cameron LNG relating to the three-train LNG liquefaction project in Hackberry, Louisiana. CB&I is constructing the project through CCJV, a joint venture with Chiyoda International Corporation.
The settlement resolves all known and unknown claims to date (including impacts from Hurricane Harvey) and includes the following key components:
- Resolves all past commercial issues and increases the certainty of the project schedule, which has all three liquefaction trains producing LNG in 2019
- Provides incentive bonus payments related to expedited project completion
- Waiver of any schedule-related liquidated damages related to the original contract and reestablishment of liquidated damage start dates according to the settlement
No comments:
Post a Comment