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Arctic LNG 2 Seeks KRW1.37 Trillion Claim from Hanwha Ocean in International Arbitration; Hanwha Ocean Shares Rise 7%

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LLC Arctic LNG 2 filed an international arbitration claim with the Singapore International Arbitration Centre seeking 1.37 trillion won in damages over alleged breaches of step-in agreements related to shipbuilding contracts terminated by Hanwha Ocean (KRX:042660), according to a Thursday filing with the Korea Exchange.

LLC Arctic LNG 2 said the claim could surpass the stated amount, with the figure expected to be clarified during the arbitration process.

Shares of Hanwha Ocean gained nearly 7% in recent trade.

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