Boa Pursues Money-Back Enforcement Over Cancelled Vessel Order
Norwegian offshore vessel owner Boa has initiated an enforcement procedure against Fevamotinico S.á.r.l. over missed deadline related to a refund of advance payments Boa IMR had made prior to cancellation of a shipbuilding contract with Noryards Fosen back in September 2015.
Namely, on October 5 this year, Oslo tribunal determined that Fevamotinico will pay Boa IMR NOK 107,5 million (approximately $13.5 million) with the addition of 7 % interest calculated on NOK 104 million from October 20, 2015 until the settlement date. Fevamotinico is also to pay Boa IMR’s litigation costs and to pay the arbitration tribunal’s fees and costs.
The payment term for the payments to Boa IMR was set for 14 days from when the successful arbitration award notice was given. The enforcement procedure will now be initiated in Luxembourg.
The contract for a 108 meters long subsea light construction and inspection maintenance and repair (IMR) vessel was first announced in March 2015, with delivery planned for March this year.