Arbitration proceedings against Ezion unit Teras Conquest 2 have re-commenced

OFFSHORE and marine service provider Ezion Holdings late on Friday evening said that the arbitration proceedings by Whitesea Shipping & Supply against the company's unit, Teras Conquest 2 (TC2PL), have re-commenced.

Whitesea Shipping & Supply describes itself on its corporate website as an offshore support vessel operator based in the United Arab Emirates.

Ezion on Friday also updated that in the arbitration proceedings, the claimant has discontinued its claim against TC2PL, but TC2PL has a counterclaim against the claimant for the sum of US$37 million arising from an unpaid deposit from a memorandum of agreement signed in June 2016 to purchase the vessel Rising Phoenix from TC2PL.

The arbitration is currently proceeding only on TC2PL's counterclaim.

Ezion's shares are currently suspended.