Singapore-listed Pacific Radiance Ltd. said Wednesday its subsidiary Pacific Crest Pte Ltd. (PCPL) has reached a settlement agreement Sept. 6 with Shanghai Waigaoqiao Shipbuilding & Offshore Co., Ltd., and China Shipbuilding Trading (Shanghai) Co., Ltd. on 2 shipbuilding contracts entered with the Chinese shipyards to construct 2 platform supply vessels (PSVs) for PCPL.
Under the settlement agreement, the 2 yards will have to refund to PCPL within 60 days the pre-delivery instalments of $10.632 million paid for the PSVs. In addition, they will pay $52,000 for the costs of equipment that PCPL had earlier supplied to them.
On June 13, PCPL filed 2 notices of arbitrations in Hong Kong against the Chinese shipyards for their failure to deliver the PSVs in accordance with their obligations under the contracts.
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