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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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