CH Offshore settles dispute with PDV Marina

Singapore’s CH Offshore has resolved a vessel dispute with Venezuela’s PDV Marina, a subsidiary of the country’s national oil company PDVSA.

According to CH Offshore, the claim relating to outstanding charter hire in respect of the charters of the “Amethyst” and the “Turquoise” AHTS vessels has been settled, with PDV Marina paying $60 million to CH Offshore.

The AHTS vessels had been used to support offshore operations of the Venezuelan national oil company PDVSA since January 2008, through a four-year charter deal between CH Offshore and PDV Marina. The charter was later sublet to Astillerors De Venezuela (Astivenca).  The vessels were returned to CH Offshore in January 2013.

In October 2013, CH Offshore started legal proceedings in London against PDV Marina S.A. and Astilleros De Venezuela C.A. (Astivenca) for a claim relating to unpaid vessel fees amounting to approximately $56 million.

As a security for its claim the Company arrested vessels belonging to PDV Marina, after which PDV Marina made payment of $70 million into court as security for CH Offshore’s claim including interest and costs. After that, CH Offshore released PDV Marina’s vessels.

In a statement issued today, CH Offshore said: “The Board of Directors of the Company is pleased to announce that the Company and PDV Marina have reached a settlement in respect of the claim. PDV Marina has made payment of $60 million to the Company in full and final settlement of the Claim without admission of liability. The Company has assigned to PDV Marina any claims it may have related to the Claim against Astivenca.”

Offshore Energy Today Staff

 

 

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

THE 5TH OIL & GAS VIETNAM 2017

The 5th edition of Oil & Gas Vietnam (OGAV) exhibition 2017 is the only specialized event in Vietnam that brings together an international…

read more >

24th Annual Africa Oil Week 2017

The Conference portraying five days of senior-level executive insights, with rich-content on corporate strategies and portfolio, exposure…

read more >

OTC Brasil 2017

OTC Brasil is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >

BLACK SEA OIL AND GAS

Black Sea region continues to impose as a key area for the future of energy in Europe in reaching the diversification of supply and the energy…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply