CH Offshore settles dispute with PDV Marina

Singapore’s CH Offshore has resolved a vessel dispute with Venezuela’s PDV Marina, a subsidiary of the country’s national oil company PDVSA.

According to CH Offshore, the claim relating to outstanding charter hire in respect of the charters of the “Amethyst” and the “Turquoise” AHTS vessels has been settled, with PDV Marina paying $60 million to CH Offshore.

The AHTS vessels had been used to support offshore operations of the Venezuelan national oil company PDVSA since January 2008, through a four-year charter deal between CH Offshore and PDV Marina. The charter was later sublet to Astillerors De Venezuela (Astivenca).  The vessels were returned to CH Offshore in January 2013.

In October 2013, CH Offshore started legal proceedings in London against PDV Marina S.A. and Astilleros De Venezuela C.A. (Astivenca) for a claim relating to unpaid vessel fees amounting to approximately $56 million.

As a security for its claim the Company arrested vessels belonging to PDV Marina, after which PDV Marina made payment of $70 million into court as security for CH Offshore’s claim including interest and costs. After that, CH Offshore released PDV Marina’s vessels.

In a statement issued today, CH Offshore said: “The Board of Directors of the Company is pleased to announce that the Company and PDV Marina have reached a settlement in respect of the claim. PDV Marina has made payment of $60 million to the Company in full and final settlement of the Claim without admission of liability. The Company has assigned to PDV Marina any claims it may have related to the Claim against Astivenca.”

Offshore Energy Today Staff

 

 

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