Fugro Loses Arbitration Case

Laxman Pai
Monday, January 6, 2020

Dutch multinational Geo-data specialist Fugro announced that it has been disappointed in an arbitration case involving Tasik Toba Subsea in March 2019, of a long-term chartered DP3 diving support vessel, the Southern Star.

An arbitration tribunal ruled Monday that Fugro should not have terminated the charter contract with Tasik Toba Subsea early and awarded the company a fee of $ 26.8 million.  

Fugro still has a number of counterclaims against Tasik which have not yet been deliberated or decided by the arbitration tribunal and which will be addressed at a later point this year.

The ‘Southern Star’, a 112 Metre, DP3, Saturation / Air Dive and ROV support vessel. The vessel has a 150 tonne, active heave compensated crane, two self-propelled hyperbaric lifeboats and has been built to comply with Australian accommodation standards.

Categories: Charter Legal Support Vessel People & Company News Finance ROV & Dive Support

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