July 24th, 2017 Grant Rowles Asia, Europe, Offshore, Shipyards 0 comments <\/p>\n
Songa Offshore has announced that an arbitration tribunal in London has ruled in its favour in an ongoing dispute with South Korean shipbuilder DSME. <\/p>\n
DSME first served Songa with notices of arbitration regarding the contracts for the construction of four Category-D rigs at the shipyard in July 2015. The rigs, which were specifically built for and contracted to Statoil, were plagued by delays and escalating costs. DSME claimed that cost overruns and additional work were due to errors and omissions in the design documents. It was claiming $328.8m in costs and damages. <\/p>\n
An arbitration tribunal ruled in favour of Songa after a two-day hearing in London. <\/p>\n
Songa Offshore considers that the Tribunals interim final award should be determinative of DSMEs claims in respect of the Rigs with an outcome that no payment will be due by Songa Offshore to DSME. It is possible that DSME may seek permission to appeal the tribunals award but if it is determinative of the claims and if no appeal is pursued then this will resolve DSMEs claims leaving Songa Offshore to pursue its counterclaim against DSME in respect of the Rigs for the aggregate amount of USD 65.8 million, the company said in a statement. <\/p>\n
Songa Offshore said it has yet to decide on the pursuit of its counterclaims. <\/p>\n
Grant Rowles <\/p>\n
Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrades Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media. <\/p>\n
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Songa Offshore wins arbitration with DSME - Splash 247<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" July 24th, 2017 Grant Rowles Asia, Europe, Offshore, Shipyards 0 comments Songa Offshore has announced that an arbitration tribunal in London has ruled in its favour in an ongoing dispute with South Korean shipbuilder DSME. DSME first served Songa with notices of arbitration regarding the contracts for the construction of four Category-D rigs at the shipyard in July 2015. Continue reading