Court rules in favour of PGS in dispute over Spanish newbuildsNews // January 13, 2010
Refering to earlier announcements regarding the termination of vessels under construction for the company at Factorias Vulcano shipyard in Spain, Petroleum Geo-Services (PGS) has announced that an arbitration court in Norway has ruled in favour of PGS regarding the issue.
The yard was ordered to pay PGS company Arrow Seismic the full amount claimed for, which is Euros 39.69 million, with the addition of interest and full legal costs. The arbitration ruling is final and binding.
Arrow will immediately pursue its claim for payment in accordance with the decision of the arbitrators. Approximately Euros 32 million plus interest out of the amount awarded by the arbitrators is covered by bank guarantees.
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