Recall this from Fairfax:
The group was clever enough to strike a construction deal that transferred the blowout costs on the project and much of the potential losses caused by any delay to its head contractor – Korean giant Samsung C&T.
A mere fortnight looms until Samsung faces the prospect of handing over liquidated damages of $55.9 million a month, applied on a daily basis for each day the first shipment is delayed after the end of October.
Samsung had a 30-day “grace period” beyond an initial September 30 deadline before the hefty financial penalties kicked in but despite boosting the number of workers on site to try and get the job done, the deadline whooshed past.
November 2 and no shipments. The Roy Hill “whale” as Citi calls it just breached onto Samsung.
