A JOINT-VENTURE of offshore marine company Pacific Radiance on Friday announced that it has been awarded about US$2.78 million plus interest as part of arbitration against two Chinese shipyard groups, Shanghai Waigaoqiao Shipbuilding & Offshore and China Shipbuilding Trading .
They had failed to deliver two platform supply vessels as part of two 2013 shipbuilding contracts. The amount awarded on Friday by the Hong Kong International Arbitration Centre was for the refund of a pre-delivery instalment for one of the vessels, H1350, as well as contractual interest from the date of payment of the instalments until the date of refund.
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