Boa to Get Refund for Scrapped Vessel Project

Boa IMR, a subsidiary in the Boa Offshore group, said it has been notified of a successful arbitration award from the Oslo tribunal after the hearing held in the beginning of September 2017.

The arbitration process was related to a refund guarantee claim of advance payments following Boa IMR’s cancellation of a shipbuilding contract with Noryards Fosen back in September 2015.

The unanimous award determine that Fevamotinico S.á.r.l. will pay Boa IMR  NOK 107,479,053.77 (approximately $13.4 million) with the addition of 7 % interest calculated on NOK 104,000,000 from October 20, 2015 until the settlement date, 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 is 14 days from when the notice was given.

To remind, the light construction and inspection maintenance and repair (IMR) vessel,  was planned with free deck space of 1500 m2, uniform deck strength of 15t/m2, 2 AHC offshore subsea cranes (150t + 30t) to 3000 m, 2 WROV’s to 3000 m in hangars, moonpool and helideck.

The vessel was designed to be 108 meters long, have a beam of 24 meters and crewing/operator capacity of 125 beds. The contractual delivery date of the vessel was March 2017.