Solstad Offshore and Saipem have settled a disagreement over the termination of a subsea construction vessel charter that may have otherwise headed to the courts
Saipem has agreed to pay a Solstad subsidiary US$48.25M to settle a dispute over the early termination of the time charter party for Normand Maximus.
Normand Maximus Operations Limited was pursuing the unpaid termination fee and other claims following the early finish of the charter with Saipem (Portugal) Comercio Maritimo Sociedade Unipessoal.
The parties came to a settlement that is around 96% of Normand Maximus Operations’ gross claim, said Solstad. It covers all claims and counterclaims between the parties related to the time charter for 2016-built, Vard 3 19-design Normand Maximus.
“Dialogue for a long-term solution for the lease financing arrangements for Normand Maximus is ongoing,” said Solstad in a statement to the Oslo stock exchange.
Another Norway-listed offshore support vessel owner Prosafe is still in a legal dispute over a conversion project for an accommodation unit. Prosafe has appealed to the Supreme Court to overturn a decision by a court of appeal covering its dispute with shipyard Westcon concerning payments for converting the Safe Scandinavia accommodation rig.
On 15 April, the Gulating Court of Appeal decided Prosafe had to pay Westcon Nkr302.51M (US$36.28M), plus interest and legal costs, in total about Nkr465M (US$55.76M) related to this conversion project. That reversed a decision in the first instance by the Stavanger District Court which deemed Westcon should pay Prosafe Nkr344M (US$41.25M) plus interest and Nkr10.6M (US$1.3M) in legal costs.
“Prosafe has decided to address the shortcomings of the judgement by the Gulating Court of Appeal through an appeal to the Supreme Court,” Prosafe said.
In the UK, TechnipFMC has secured an engineering, procurement, construction and installation contract from Ithaca Energy for an enhanced oil recovery project on the Captain field in the North Sea. TechnipFMC will design, manufacture, deliver and install subsea equipment including a rigid riser caisson, water injection flexible flowline, umbilicals and associated equipment.
“We are utilising our innovative design, installation technologies and solutions to unlock and maximise the recovery of hydrocarbons from the Captain field,” said TechnipFMC president for subsea Jonathan Landes. “We look forward to helping Ithaca improve project economics, enhance performance and reduce emissions.”
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