Pipavav Shipyard has announced that negotiations with the said Golden Ocean Group and its two associate/group companies have been concluded successfully.
This is in regard to the earlier announcement letter dated December 18th 2009, regarding outcome of board meeting intimating that one of the customer of the company that is Golden Ocean Group had referred the shipbuilding contracts to arbitration, and that both parties were exploring the option, of resolving the issues bilaterally.
Further the company has informed that GOGL has withdrawn arbitration proceedings initiated against the company.
This is in regard to the earlier announcement letter dated December 18th 2009, regarding outcome of board meeting intimating that one of the customer of the company that is Golden Ocean Group had referred the shipbuilding contracts to arbitration, and that both parties were exploring the option, of resolving the issues bilaterally.
Further the company has informed that GOGL has withdrawn arbitration proceedings initiated against the company.