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Coastal Contracts goes to arbitration to settle dispute with CIMC Raffles Offshore

Offshore service provider Coastal Contracts has announced that its subsidiary, Thaumas Marine, has filed a notice of arbitration with the Singapore International Arbitration Center against CIMC Raffles Offshore and Dynamic Driller due to a shipbuilding dispute.

CIMC Raffles Offshore and Dynamic Driller wasn’t able to deliver a JU 2000E F&G design jack-up drilling rig to Thaumas Marine before the cancellation date of June 30, 2015 according to the shipbuilding contract.

The rig was accepted to be technically ready for delivery on Spetmeber 11, which was 73 days after the cancellation date. Thaumas Marine is demanding liquidated damages of $3.65m in total and relevant interest from the two parties.

In addition, Thaumas Marine also found that there exists several critical and major non-conformities of the rig’s parts and equipment which significantly deviated from the technical specifications as agreed and is looking to claim an additional $2m.

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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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