CH Offshore receives USD60 million from charter dispute

Singapore-listed offshore services provider, CH Offshore, has recouped USD60 million from unpaid charter fees from Venezuela’s state-owned PDVSA’s subsidiaries.

CH Offshore stated in its filing to the Singapore Exchange that the company has received the outstanding USD60 million from PDV Marina and Astilleros De Venezuela (Astivenca) for the charter hire of two anchor handling tug supply (AHTS) vessels namely, “Amethyst” and the “Turquoise.”

Both vessels were deployed previously for a four-year charter deal with PDV Marina for the offshore operation. The charter deal was later sublet to Astivenca and the two AHTSs returned to CH Offshore in January 2013.

Related news:CH Offshore’s profit drops 35.1% in Q3

In October 2013, CH Offshore filed for claims against PDV Marina and Astivenca in regards to unpaid vessel fees amounting to approximately USD56 million. In the meantime, CH Offshore arrested vessels belonging to PDV Marina as a security for its claim.

Subsequently, PDV Marina reciprocated with a payment of USD70 million into court as security for CH Offshore’s claim including interest and costs. Then, CH Offshore released PDV Marina’s vessels.

Finally, PDV Marina made a payment of USD60 million to the CH Offshore in full and final settlement of the claim without admission of liability.

This post was sourced from IHS Maritime 360: View the original article here.