The U.S. Maritime Administration (Marad) and several companies have agreed to settle a dispute centering on ownership and sale of three liquefied natural gas tankers.
Marad's agreement covering the Arzew, Southern, and Gamma vessels is with units of Royal Dutch/Shell Group, Argent group, and Cabot Corp. Marad acquired the tankers by repossession from subsidiaries of El Paso Corp.
Here are key provisions of the settlement:
All litigation among the parties will be dismissed with prejudice.
Gamma will be sold to Cabot, which will charter it to Nigeria LNG Ltd. on a half-yearly basis after start-up of th...