Boa IMR successful in Noryards court caseCompany News // October 9, 2017
Boa IMR AS, a 100 per cent-owned subsidiary of Boa Offshore group in Norway has been notified of a successful arbitration award from the Oslo tribunal after a hearing held at the beginning of September 2017.
The arbitration process was related to a refund guarantee claim of advance payments after Boa IMR AS's cancellation of a shipbuilding contract with Noryards Fosen AS in September 2015.
The unanimous award determines that Fevamotinico Sárl shall pay Boa IMR AS NKr 107,479,053.77 with the addition of 7 per cent interest calculated on NKr 104,000,000 from 20 October 2015 until the settlement date, to pay Boa IMR AS's litigation costs and to pay the arbitration tribunal's fees and costs.
The payment term for the payments to Boa IMR is 14 days from the notice was given.