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    Judgement in Dutch court goes against Oceanteam

    News // September 30, 2009

    On 21 September 2009, Oceanteam was served a judgment against it in summary proceedings of the Dutch court of Utrecht dated 18 September 2009.

    The Utrecht court found Oceanteam liable to pay to VOF Bouwcombinatie Egmond (BCE) the sum of Euros 3.2 million plus interest from 29 May 2009 under a parent company guarantee.

    This parent company guarantee was provided for the benefit of BCE to secure fulfilment by Oceanteam BV of the latter's contractual obligations under a certain contract with BCE.

    Claims of both parties under this contract are currently being arbitrated before the Netherlands Arbitration Institute.

    Oceanteam has decided to file for an appeal. Although it is a judgement in summary proceedings and therefore not final, it is still enforceable under Dutch law, and may consequently also be enforceable in Norway under international rules of enforcement.

    In connection with this a judgement in respect of the arrest petition filed by BCE against Oceanteam in Norway earlier this year is still pending. If the arrest is allowed, BCE will have an attachment over Oceanteam ASA’s assets in Norway, such as bank accounts, shares and other current assets, but will not be entitled to sell or otherwise dispose of such assets until a final judgement has been passed.

     

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