Japanese oil and developer INPEX has countersued South Korea's Samsung Heavy Industries Co. for $480 million after the latter filed a complaint against it in April for not paying the rest of the contract amount.
Samsung had formed a group of experts to respond to the countersuit.
The countersuit will not hurt Samsung's earnings as the shipbuilder had set up allowances for the legal dispute till the first quarter of 2021.
Samsung won an order from INPEX for the installation of a central processing facility off the coast of Australia in 2012.
After completing the installation in 2019, Samsung asked INPEX to pay for the rest of the contract amount worth $116 million.
But INPEX refused, claiming that the delay in completing the facility caused its work on the seas to be delayed, as well.
On April 30, Samsung lodged a complaint with the Singapore International Arbitration Centre against INPEX for the rest of the contract amount.


Judge Rules DOGE Humanities Grant Cuts Unconstitutional
Gold Prices Hold Steady as Investors Monitor U.S.-Iran Tensions and Trump-Xi Summit
Warren Buffett and Stephen Curry Charity Dinner Auction Raises $27 Million for Nonprofits
US-China Trade Talks Begin in South Korea Ahead of Trump-Xi Beijing Summit
ASX Names Former Euronext Executive Anthony Attia as New CEO
DOJ Ends Probe Into Fed Chair Jerome Powell, Boosting Kevin Warsh Confirmation Prospects
US Trade Court Blocks Trump’s 10% Global Tariffs
Gold Prices Steady Ahead of Trump-Xi Meeting as Inflation and Oil Concerns Persist
Oil Prices Hold Above $100 as Trump-Xi Meeting and Iran Conflict Keep Markets on Edge
SpaceX IPO Faces Backlash Over Elon Musk’s Control and Governance Structure
Judge Delays SEC Settlement With Elon Musk Over Twitter Stock Disclosure Case
S&P Global Revises Mexico Credit Outlook to Negative Amid Rising Debt Concerns
Trump Pushes China Market Access During High-Stakes Xi Summit
BlackRock-Led GCC Infrastructure Partnership Targets $30 Billion Investment
Havana Protests Erupt as Cuba Faces Severe Blackouts and Fuel Crisis
Arcadia Mayor Eileen Wang Pleads Guilty in China Foreign Agent Case
Trump Says Iran Ceasefire ‘On Life Support’ as Oil Prices Surge Above $104 



