China International Marine Containers (CIMC) (02039) said its wholly-owned subsidiary CIMC Raffles Offshore (Singapore) Limited has received about US$105.55 million according to the second award and third award made by arbitration tribunal of London.
Such amount included the principal of US$77.6 million, interest of US$27.72 million and legal expense of US$230,200.
Recovery of such outstanding balances is expected to have positive impact on the financial position of CIMC for the year.
The semi-submersible oil drilling platforms named SS Pantanal and SS Amazonia built by CIMC Raffles and its subsidiaries for subsidiaries of Schahin Group in Brazil were delivered in November 2010 and April 2011. During the construction of the drilling platforms, CIMC Raffles and its subsidiaries provided advances for Schahin and its related companies to complete the construction and delivery of such drilling platforms. However, Schahin and its related companies did not pay the outstanding balances for shipbuilding and the advances.
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