Sevmash appeals Court Ruling
(Thomson Reuters ONE) -
On 10 December 2010, the state commercial court in Arkhangelsk decided in favour
of Odfjell and approved our application concerning the recognition and
enforcement of the arbitral award filed against Sevmash shipyard.
Odfjell has been informed that the Ruling of the Court was appealed and
cassation claim with the court files has been sent to the Cassation court in St.
Petersburg. As soon as the case will be registered in St. Petersburg we will
know the date of the scheduled court hearing.
In 2004 Odfjell placed an order at Sevmash, a large shipyard near Arkhangelsk,
for up to 12 chemical tankers, each of about 45,000 tons capacity. The
newbuilding contracts included an arbitration clause under Swedish law.
Excessive and continuing delays of construction forced Odfjell in 2008 to cancel
these contracts.
Odfjell claimed damages from Sevmash, and the Swedish arbitration tribunal
unanimously, on 30 December 2009, awarded Odfjell damages of USD 43 million plus
reimbursement of legal costs plus 8.5% p.a. interest for any delay in settling
the award. Sevmash has refused to pay Odfjell the awarded amount.
For more information please contact; Jan A. Hammer, President/CEO on tel.
+47 55 27 00 00 or email: jan.hammer(at)odfjell.com
The Odfjell Group is a leading participant in the global market of the seaborne
transportation and storage of chemicals and other speciality bulk liquids.
The Odfjell fleet comprise about 90 ships, trading both globally and
regionally. The tank terminal division consists of nine fully or partially owned
tank terminals and nine associated tank terminals strategically located. The
Odfjell Group is headquartered in Bergen, Norway and has more than 20 offices
world wide. Odfjell has about 3 700 employees and an annual gross revenue of
about USD 1.3 billion
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Odfjell SE via Thomson Reuters ONE
[HUG#1475679]
Unternehmensinformation / Kurzprofil:
Datum: 27.12.2010 - 12:06 Uhr
Sprache: Deutsch
News-ID 50083
Anzahl Zeichen: 2720
contact information:
Town:
Bergen
Kategorie:
Business News
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"Sevmash appeals Court Ruling"
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