US port reaches settlement with multiple companies for project
Port Freeport has reached an agreement with a number of companies in regards to the investigation, redesign and repairs to the failure of the US port’s Berth 7 project.
Berth construction started in 2007 and hopes were high until the completed berth began to show signs that there were stability issues. This started a four year process to save, investigate and rebuild the berth.
“The net result of the port’s efforts which followed the redesign and reconstruction was that the berth was saved and we have reached a settlement with all parties totalling US$19.6 million to Port Freeport,” said executive port director/CEO, Glenn Carlson.
“These funds came as a result of a mediated settlement between all parties and insurance proceeds. We intend to use these funds to retire debt.”
Port Freeport is one of the fastest growing ports on the Gulf Coast, and is currently ranked as the 16th largest port in the United States in terms of foreign tonnage.