Odfjell is heading to court in Russia after shipbuilder Sevmash refused to repay $47m over a large axed tanker newbuilding contract.
The “disappointing turn of events” has been forced on the Norwegian owner due to the “wilful misconduct” of the Russian yard over the 2004 deal, Odfjell wrote in an announcement to the Oslo Stock Exchange on Thursday.
The development puts Odfjell on a crash course with the Russian government as it said the continued settlement failure was “effectively by the Russian ministry in question”.
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