Coastal Contracts in arbitration over rig delivery delay

Coastal Contracts, a Malaysian provider of offshore services, has informed that its subsidiary Thaumas Marine has filed a notice of arbitration against CIMC Raffles Offshore, and Dynamic Driller, seeking $5.65 million in damages.

According to Coastal Contracts, the reasons for the move lie in the fact that CIMC Raffles and Dynamic driller failed to deliver a jack-up rig to Thaumas Marine on time.

Under the contract, the two rig builders were to deliver the rig by April 30, or no later that the cancellation date on June 30, 2015.

However, the rig was accepted to be technically ready for delivery on 11 September 2015, seventy-three days after the cancellation date.

Thaumas Marine said that the delay activates a clause under which the rig builder CIMC Raffles, and co-builder Dynamic Driller, need to $pay 3.65 million. In addition Thaumas Marine is seeking a further $2 million for what Thaumas described were major non-conformities of the rig’s parts and equipment.

Offshore Energy Today Staff

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