Pacific Radiance calls off two Chinese PSV orders. Seeks refund

Singapore’s offshore vessel supplier Pacific Radiance has rescinded two platform supply vessel construction contracts with two Chinese shipyards. The company is also seeking money back for the pre-delivery installments paid.

Pacific Radiance on Monday said its subsidiary Pacific Crest, had on June 13, 2016, issued two notices of arbitration, for arbitrations in Hong Kong against Shanghai Waigaoqiao Shipbuilding & Offshore Co., Ltd., and China Shipbuilding Trading (Shanghai) Co., Ltd. The arbitrations are related to two shipbuilding contracts, both dated May 8, 2013, entered with the Shipyards for the construction of two platform supply vessels.

According to the shipowner, the arbitration notices follow the rescission of the shipbuilding contracts for the failure of the Shipyards to deliver the PSVs in accordance with their obligations under the contracts.

Pacific Crest, claims, among other things, the refund of the pre-delivery installments paid to the Shipyards for the PSVs, totaling $10.6 million, plus interest.

“The arbitrations are currently at their initial stages. Further announcements will be made by the Board at the appropriate junctures in the event of any material developments in relation to the arbitrations,” Pacific Radiance said.

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