Oslo: Offshore service provider Boa Offshore has announced that it has been notified of a successful arbitration award from a London tribunal regarding two shipbuilding contracts.
Boa Offshore said the award determines the delivery dates set in the two shipbuilding contracts with Nantong Mindge Heavy Industry, and the company sees it as an important step towards cancelling the contract. The company will now evaluate the award, before deciding on a potential cancellation of the contracts.
Boa Offshore signed shipbuilding contracts with Nantong Mingde Heavy Industry and Sainty Marine for the construction of two multi-purpose offshore platform supply vessels in May 2013. The Norwegian owner has made the payment for the vessels; however, Mingde has delayed construction as it didn’t settle the payment of the ship parts on time. The parties went into arbitration in December 2014.