Sempra LNG & Midstream has announced that Cameron LNG has reached a settlement agreement with its contractor, CCJV (a joint venture between an affiliate of CB&I and Chiyoda International Corp.), related to the construction of the Cameron LNG liquefaction project in Hackberry, Louisiana, US.
The settlement resolves all of CCJV's known and unknown claims to date, including Hurricane Harvey, and better aligns the interests of all parties in achieving the joint goal of having all three trains at Cameron producing LNG in 2019.
The settlement falls within the existing construction budget and financing commitments for Cameron LNG while including incentives for additional milestones. The agreement is subject to the satisfaction of certain conditions that will reflect improvement to CB&I's credit support to the project.
Additional information concerning this settlement agreement is available in the Current Report on Form 8-K filed by Sempra Energy today with the Securities and Exchange Commission.
Read the article online at: https://www.tanksterminals.com/storage-tanks/20122017/cameron-lng-reaches-settlement-agreement-with-ccjv/