Boa Offshore gets 50% refund after vessel cancellation in China

BOA Offshore gets 50% refund after PSV cancellation in China

Boa Offshore has received a 50 percent of the principal amount of the advance payments it had paid for the now cancelled offshore vessel order in China.

To remind, Norwegian-based offshore supply vessel owner and operator Boa PSV AS, a subsidiary of Boa Offshore, in May 2013 signed a contract with Nantong Mingde for two multi-purpose support vessels.

Boa Offshore, however, had to cancel the contracts as Nantong Mingde went bankrupt in 2015. These circumstances allowed Boa Offshore to cancel the construction contracts after a London tribunal hearing in July 2015.

Boa PSV on Tuesday said it received the 50% refund from one of the yard’s banks. Furthermore, Boa PSV said the remaining 50 percent payment has a refund guarantee from another of the yard’s banks and that the shipping company would continue the legal process collecting the remaining principal amount including interest. The company did not go into details about the amount receivable.

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