India's Bharati Shipyard has taken a German customer to court for cancelling a shipbuilding contract signed in 2007, according to local media.
“Opielok Bereederungs GmbH and Co. KG, Hamburg, Germany has cancelled the order for one platform supply vessel due to the financial situation in Europe,” a spokesperson for Bharati Shipyard said in an emailed statement.“This cancellation is not as per the contract. Hence, Bharati has initiated arbitration proceedings in the UK. Since the matter is sub-judice, we do not want to comment any further.”
In 2007, Opielok had ordered two platform supply vessels at Bharati Shipyard, each valued at $26.5m.
“Opielok Bereederungs GmbH and Co. KG, Hamburg, Germany has cancelled the order for one platform supply vessel due to the financial situation in Europe,” a spokesperson for Bharati Shipyard said in an emailed statement.“This cancellation is not as per the contract. Hence, Bharati has initiated arbitration proceedings in the UK. Since the matter is sub-judice, we do not want to comment any further.”
In 2007, Opielok had ordered two platform supply vessels at Bharati Shipyard, each valued at $26.5m.