Bender, customer reach agreement

MOBILE, Ala. - Bender Shipbuilding & Repair reached an agreement with one of its largest customers, Overseas Shipholding Group, to cancel millions of dollars in contracts. The settlement ends obligations under three contracts that include six tug-barge combinations and two tugs, work valued in excess of $500 million. The problem has been delays, which Bender blamed on workforce and supply issues created by Hurricane Katrina, which hit the region in 2005. (Source: Mobile Press-Register, 03/17/09)