Arbitration News

Solstad Offshore has informed the arbitration proceedings related to disputed 2024 charter hire for Normand Maximus construction support vessel (CSV) had concluded in favor of the company.The company said it would receive approximately $13 million in charter hire, in addition to around $1.5 million in interest compensation, following the ruling.Solstad said the decision would have a positive liquidity effect of about $14.5 million and that it expects to recognize a positive profit…

Seatrium, through its wholly owned subsidiary Jurong Shipyard, has started arbitration proceedings against Petrobras Netherlands in connection with a legacy contract for the conversion of the P-54 floating production, storage and offloading vessel (FPSO).The dispute relates to a settlement agreement reached in 2008 following amendments to the original 2004 contract. Under the settlement, Petrobras Netherlands agreed to pay Jurong Shipyard a close-out amount of $152.3 million,…