Pacific Crest Seeks Arbitration After Chinese Yards Failed to Deliver PSVs

Pacific Radiance Ltd., a Singapore-based integrated offshore marine services provider, disclosed Monday that its wholly-owned unit, Pacific Crest Pte Ltd. (PCPL), had issued June 13 two notices of arbitrations in Hong Kong against two Chinese shipyards over the construction of two platform supply vessels (PSVs).

The notice for arbitrations were issued to Chinese shipyards, Shanghai Waigaoqiao Shipbuilding & Offshore Co., Ltd., and China Shipbuilding Trading (Shanghai) Co., Ltd., regarding two shipbuilding contracts, signed May 8, 2013, to build two PSVs.

"The issue of the notices of arbitration ... follows the rescission of the Shipbuilding Contracts for the failure of the Shipyards to deliver the PSVs in accordance with their obligations under the Shipbuilding Contracts," Pacfic Radiance said in a press release.

PCPL is seeking a refund of the pre-delivery instalments paid to the two shipyards for the PSVs, amounting to $10.632 million plus interest.



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