Reference is made to earlier announcements regarding the vessels under construction at the Factorias Vulcano shipyard in Spain. Petroleum Geo-Services ASA (’PGS’ or the ‘Company’) announced, on March 23, 2009, that its subsidiary Arrow Seismic Invest II Ltd. (’Arrow’) had terminated the shipbuilding contract for New Build number 532. PGS further announced on 30 March, 2009, that the yard disputed Arrow’s right to terminate the contract, and that the dispute would be submitted to arbitration in Norway.

?

The arbitration court has now announced a ruling in favor of PGS. The yard was ordered to pay Arrow the full amount claimed for, EUR 39?658 000, 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 EUR 32 million plus interest out of the amount awarded by the arbitrators is covered by bank guarantees.

?

Source: PGS

?

Search to find what you want

• Petroleum Geo-Services provides update on new developments in Spain

     Reference is made to earlier announcements regarding the vessels under construction at the Factorias Vulcano shipyard in Spain.  Petroleum Geo-Services ASA has today informed Factorias Vulcano that its subsidiary Arrow Seismic Invest III Ltd has exercised its right to terminate the shipbuilding contract for New Build number 533, and called upon the

• Shell takeover attempt arrow stalemated

    ROYAL Dutch Shell has made a $3 billion takeover offer for coal seam gas producer Arrow Energy, although the talks ended in a stalemate, according to a report in Britain’s The Sunday Telegraph newspaper. The oil giant discussed acquiring Arrow several weeks ago as part of wider talks about investing further

• Shell takeover attempt arrow stalemated

    ROYAL Dutch Shell has made a $3 billion takeover offer for coal seam gas producer Arrow Energy, although the talks ended in a stalemate, according to a report in Britain’s The Sunday Telegraph newspaper. The oil giant discussed acquiring Arrow several weeks ago as part of wider talks about investing further

• d Amico International Shipping announces the cancellation of the SLS building contract

    d’Amico International Shipping S.A., an international marine transportation company, operating in the product tanker market, announces that GLENDA International Shipping Ltd (“GLENDA”), a joint venture company with Glencore Group in which DIS has an interest of 50%, has given notice to SLS Shipbuilding Co. Ltd of Tongyeong, Korea (“SLS Shipyard”) of its cancellation

• d Amico International Shipping SA announces the cancellation of the SLS building contract

    d’Amico International Shipping S.A. (Borsa Italiana: DIS), an international marine transportation company, operating in the product tanker market, announces that GLENDA International Shipping Ltd (“GLENDA”), a joint venture company with Glencore Group in which DIS has an interest of 50%, has today given notice to SLS Shipbuilding Co.

• Otto Marine begins arbitration against Polar Marine

    Otto Marine has started arbitration proceedings against Polar Marine for prematurely cancelling a contract. This is in relation to a shipbuilding contract that Otto Marine entered into with Polar Marine. In a filing with the Singapore Exchange, Otto Marine said it terminated the contract with Polar Marine with effect from June

• Arrow LNG project in Queensland in May cost of 1.9 billion U.S. dollars

    Arrow Energy Ltd., Royal Dutch Shell Plc’s coal-seam gas partner in Australia, said the Fisherman’s Landing liquefied natural gas project in Queensland may cost as much as A$2.2 billion ($1.9 billion) to build. Arrow may delay a final investment decision beyond a previously announced target of March 31 after reaching

• Arrow Energy rose to talks on possible takeover

    ARROW Energy said today it has talked to parties about a possible takeover of the company, stoking speculation it could be the next takeover target in burgeoning coal seam gas sector. Target: Arrow Energy’s Tamara King measures casings used in the drilling rigs at the company’s coal-seam gas operations in Dalby, Queensland.

• Arrow considering overseas float of gas spin-off

    Arrow Energy could float its overseas gas business this year, after posting a $16.26 million loss in the six months to December. In its half-year results presentation today, Arrow said it would consider a ‘‘partial’’ initial public offering of its international operations, Arrow International, in the first half of next

• Arrow Energy will receive $ 3 billion takeover bid

    Arrow Energy Ltd., a major owner of natural gas assets in northern Australia, said Monday that a company jointly owned by Royal Dutch Shell and PetroChina has sent it a takeover bid worth $3.3 billion Australian dollars ($3 billion). Nearly half of Shell’s production of oil and equivalents comes from

• Shell, Petro-China bid for Australian energy company

    Royal Dutch Shell and PetroChina have joined forces for a 2.96 billion US dollar bid for Arrow Energy, hoping for a bigger slice of Australia’s liquefied natural gas boom, the company said on Monday.

• Shell partners Arrow targets 10-fold increase gas output by 2015

    Arrow Energy Ltd., Royal Dutch Shell Plc’s Australian coal-seam gas partner, will start drilling in Indonesia and may expand in Europe and Southern Africa as it pursues a 10-fold jump in production by 2015. Arrow’s strategy “is to get as much quality acreage as quickly as we can, before it becomes of

• Restructuring of Fisherman Landing Gladstone LNG Project

    Golar LNG Energy Limited (Golar Energy) announces changes to the Fisherman’s Landing Gladstone LNG project and its Heads of Agreement with Gladstone LNG Pty Limited and Liquefied Natural Gas Limited (”LNGL”) in respect of the off-take of LNG from the Fisherman’s Landing LNG project. Details of the proposed new project

• SLS Shipbuilding in more arbitration

    Tongyeoung-based mid-size builder SLS Shipbuilding is facing more arbitration drama from D’Amico and its commodities partner Glencore as the pair seek to nix all four ships, worth $190m, on order at the yard. The pair, whose shipping jv is called Glenda International, have launched a total of four arbitration cases this year

• SLS Shipbuilding in more arbitration

    Tongyeoung-based mid-size builder SLS Shipbuilding is facing more arbitration drama from D’Amico and its commodities partner Glencore as the pair seek to nix all four ships, worth $190m, on order at the yard. The pair, whose shipping jv is called Glenda International, have launched a total of four arbitration cases this year