Boa gets payment for canceled vessel charter

Norwegian-based offshore supply vessel owner Boa Offshore has received payment related to a canceled charter by Gulmar Offshore for its former vessel Boa Rover. 

The company’s 100% owned subsidiary, Boa Shipping, received approximately $16 million as dividend on its claim against Gulmar Offshore Middle East Co LLC, Boa Offshore informed on Tuesday. The accounting effect is a gain of approximately NOK 85 million ($10.15M).

The claim relates back to 2009 when the charter contract for the offshore construction vessel Boa Rover was canceled and disputed by Boa Shipping.

According to the company, the funds have been paid into an escrow account held by Nordisk Skibsrederforening on behalf of Boa Shipping and will be distributed as part of a solution in the ongoing restructuring process.

Boa sold the Boa Rover to the Dubai-based Topaz Energy and Marine in September 2010.

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