BW Offshore wins arbitration against Addax Petroleum

BW Offshore wins arbitration against Addax Petroleum

BW Offshore has announced a successful arbitration award regarding its dispute with Addax Petroleum Exploration, a subsidiary of Sinopec, regarding dayrates payable for the hire of FPSO Sendje Berge.

The Sendje Berge FPSO has been operating for Addax offshore Nigeria since March 2005. In 2016, BW Offshore reported that Addax Petroleum had not paid the full contractual rate for the FPSO Sendje Berge for some time and the company filed a $52.5m arbitration claim against Addax.

According to the company’s fourth quarter 2016 report, the unpaid amount owing had reached $66.7m,

The arbitration tribunal ruled in BW Offshore’s favour and further declared that no deductions may be made by Addax from future hire payments.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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