Boa Offshore gets money back after vessel cancellation in China

Boa Offshore, a provider of offshore services for the oil and has industry, has been repaid a full amount of the advance payments for the cancelled offshore vessel order in China.

To remind, Boa PSV, a subsidiary of Boa Offshore, in May 2013 signed a contract with Nantong Mingde Heavy Industry in China for two multi-purpose support vessels, but cancelled the deal in July 2015 due to a lack of progress in building the two vessels. The cancellation notice claimed repayment of all advance payments, including interest according to the contracts.

Boa PSV recently received half of the principal amount of the advance payment. The company said on Wednesday, it received the remaining 50% of the advance payments from the yards bank.

According to the company, the principal advance payments related to the two cancelled shipbuilding contracts for two MPSVS with Nantong Mingde Heavy Industry is fully received.

Boa will continue the legal process collecting interest on these advance payments, the company added.

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