The speculative order was worth 907.6 billion won ($674.9 million) but despite numerous extensions — the latest to 1 December 2016 — SBM failed to issue a go-ahead to begin construction.
“In accordance with the termination of the contract, we do not take into account the entire amount of the advance payment of $10 million,” said Samsung.
If SBM had placed the order, Samsung would have built the vessel’s hull with Linde in Germany building the topsides.
