Siem Offshore loses legal battle over late vessel delivery to Petrobras

Norwegian offshore vessel operator Siem Offshore has lost a case against Petrobras related to the late delivery of the oil spill recovery vessel (OSRV) Siem Maragogi from the yard back in 2015.

“Siem Offshore do Brasil has been notified of the final unfavorable decision of a Brazilian court in a lawsuit filed against Petrobras,” the company said in Oslo Exchange filing.

Petrobras imposed a late delivery penalty charge on Siem Offshore do Brasil which has been accrued for in previous years’ accounts and will not have any impact on the profit and loss account for 2022. 

Siem, however, noted that the unfavorable decision of the court will have a negative cash effect equivalent to $4.8m. The Siem Maragogi, with platform supply vessel (PSV) functionalities, has been developed specifically for an eight-year assignment for Petrobras.