Teekay Tankers has prevailed in a dispute with STX Offshore & Shipping over options that could have led to a massive $680m newbuilding deal.
The options could have turned an order for four 113,000-dwt tankers contracted for $170m into a 16 ship deal.
A contract was signed in April 2013 but STX failed to provide the required refund guarantees so in December Teekay terminated the deal alleging there had been a repudiatory breach by the South Korean builder.
Teekay
