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>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 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 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

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