Summary

Seatrium has commenced arbitration proceedings against Petrobras to finalize disputed payment claims over the P-54 FPSO conversion project contract. Seatrium’s subsidiary, Jurong Shipyard Pte Ltd, is seeking the release of withheld payment of US$55.7 million from Petrobras’ subsidiary, Petrobras Netherlands B.V. The arbitration is not expected to impact Seatrium’s current relationship with Petrobras.

https://www.theedgesingapore.com/news/offshore-marine/seatrium-commences-arbitration-proceedings-against-petrobras-over-p-54-contract