Boa banks US$16 millionCompany News // February 22, 2017
Boa Shipping AS, a 100 per cent owned subsidiary of Boa Offshore, has received approximately US$16 million as dividend on its claim against Gulmar Offshore Middle East Co LLC. The accounting effect is a gain of approximately NKr 85 million.
The claim relates back to 2009 when the charter contract for the vessel Boa Rover was cancelled and disputed by Boa Shipping AS.
The funds have been paid into an escrow account held by Nordisk Skibsrederforening on behalf of Boa Shipping AS and will be distributed as part of a solution in the ongoing restructuring process.