CH Offshore Ltd. (SG:C13) has released an update.
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CH Offshore Ltd. has secured a fourth final partial award from arbitration, tipping the total awarded to the company for unpaid charterhire, including interest, to US$3.0 million. This latest award acknowledges the full charterhire rate, rather than the standby rate previously used, significantly increasing the sum owed to the company. As the decisions of the arbitral tribunal are final and not subject to appeal, CH Offshore is now focusing on the recognition and enforcement of the awards, while urging shareholders to trade cautiously.
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