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Singapore’s offshore vessel supplier Pacific Radiance has rescinded two platform supply vessel construction contracts with two Chinese shipyards.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.

Share this article

Follow Offshore Energy Today

Events>

<< Aug 2019 >>
MTWTFSS
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 31 1

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

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