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MAIN-BOARD-LISTED Pacific Radiance announced after Monday trading hours the start of arbitration proceedings against two Chinese shipyard groups over two disputed shipbuilding contracts.
The 50 per cent-owned joint venture of Pacific Radiance, CA Offshore Investment Inc (CAOI), issued two notices of arbitration on Nov 18 against Shanghai Waigaoqiao Shipbuilding & Offshore Co, Ltd and China Shipbuilding Trading (Shanghai) Co, Ltd.
CAOI claims, among other things, the refund of the pre-delivery instalments paid to the shipyards for two platform supply vessels, totalling US$5.55 million, plus interest.
The arbitration proceedings being pursued in Hong Kong related to two shipbuilding contracts dated Dec 18, 2013, between the two yards and Pacific Radiance's wholly-owned subsidiary Pacific Crest Pte Ltd.
The contracts for the construction of two PSVs had been novated to CAOI.
Pacific Radiance said the legal proceedings follow the rescission of the shipbuilding contracts on the failure of the two yards to deliver the PSVs according to agreed terms.