Siem Offshore Loses Late Vessel Delivery Court Case Against Petrobras

Norwegian offshore support vessel owner Siem Offshore said Monday a Brazilian court had ruled in favor of Petrobras in a case related to a late vessel delivery 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 case is related to late delivery of the vessel Siem Maragogi from yard back in 2015," the company said.

"A late delivery penalty charge was imposed by Petrobras on Siem Offshore do Brasil. The penalty charge has been accrued for in previous years’ accounts and will not have any impact on the Profit and Loss account for 2022. The unfavorable decision of the court will have a negative cash effect equivalent to USD 4.8 million," Siem Offshore said.

According to vessel designer Ulstein, the Siem Maragogi was designed for oil spill recovery (OSRV) with PSV functionalities and was developed specifically for an eight-year assignment for Petrobras.