Singapore-based offshore vessel operator Pacific Radiance has announced that its joint venture CA Offshore Investment has won an arbitration case against Shanghai Waigaoqiao Shipbuilding & Offshore, a subsidiary yard of CSSC, regarding shipbuilding contracts for two platform supply vessels.
CA Offshore filed the arbitration at the Hong Kong International Arbitration Center (HKIAC) in 2016 for Waigaoqiao’s failure to deliver the two vessels, H1350 and H1351, claiming a refund of $5.55m in total.
HKIAC has made an award in favour of CA Offshore for the refund of the pre-delivery instalment amounting to $2.77m together with relevant interest for the shipbuilding contract of the H1350 vessel, while the proceedings for H1351 are still ongoing.