Singapore owner Pacific Radiance has won an arbitration award against a Chinese shipyard in a case involving two cancelled platform supply vessels (PSVs).
Its joint venture company CA Offshore Investment Inc (CAOI) had been seeking refunds from Shanghai Waigaoqiao Shipbuilding & Offshore (SWS) and China Shipbuilding Trading.
For the first of the two vessels, H1350, a Hong Kong arbitrator has made an award in favour of CA for the refund of the pre-delivery instalments amounting to $2.775m,
