“The issue of the notices of arbitration (in Hong Kong) for the arbitrations follows the recission of the shipbuilding contracts for the failure of the shipyards to deliver the PSVs in accordance with their obligations under the shipbuilding contracts,” Singapore-listed Pacific Radiance stated.
The two newbuilding PSVs were booked by Pacific Radiance on 8 May 2013.
Pacific Crest is claiming the refund of the pre-delivery instalments paid to the two Chinese yards for the offshore vessels, totalling $10.63m, plus interest.
The arbitrations are currently at their initial stages.
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