Pacific Radiance settles PSV dispute with two Chinese shipyards

Singapore’s offshore vessel supplier Pacific Radiance has reached a settlement with two Chinese shipyards regarding a dispute over construction contracts for two platform supply vessels (PSVs). 

To remind, in June 2016, Pacific Radiance’s wholly owned subsidiary Pacific Crest issued notices of arbitration against Shanghai Waigaoqiao Shipbuilding & Offshore Co., Ltd., and China Shipbuilding Trading (Shanghai) Co., Ltd. arising from two shipbuilding contracts entered with the shipyards, for the construction of two PSVs for Pacific Crest.

Pacific stated that the arbitration notices followed 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, claimed, among other things, the refund of the pre-delivery installments paid to the shipyards for the PSVs, totaling $10.6 million, plus interest.

The company entered into a settlement agreement on Tuesday, September 6, 2016, with the shipyards in full and final settlement of the matter.

According to the settlement agreement, the shipyards will, within 60 calendar days of execution of the settlement agreement, refund to Pacific Crest in full the pre-delivery installments paid by Pacific Crest to the shipyards for the PSVs’ in the amount of $10.63, and the costs of equipment supplied by Pacific Crest to the shipyards in the amount of S$52,000 ($38,640) in accordance with the terms of the settlement agreement.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 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

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 >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

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

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