An arbitral tribunal in London has ruled that Cosco (Dalian) Shipyard, having repaid to the shipowner the first instalment together with interest thereon, is no longer liable to the shipowner for any further liabilities.
The shipowner, Dalian Deepwater Developer, had placed an order worth more than $500m to build one DP3 deepwater drillship at the Cosco yard back in July 2010.
By August 2013, Dalian Deepwater served a notice to the shipyard to terminate the contract due to delivery delay, and in September the same year requested for arbitration in London to claim a refund of the first instalment paid amounting to $110m and other advances paid plus interest and other associated costs.
“The board wishes to announce that an arbitration award has now been issued,” Cosco Corp said.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
