Pacific Radiance subsidiary Pacific Crest issued Shanghai Waigaoqiao Shipbuilding & Offshore and China Shipbuilding Trading with arbitration notices earlier this year as it looked to recover US$10.63 million of instalments plus interest.
Pacific Radiance revealed this week it had entered into a settlement agreement with the two yards on 6 September which will see them pay, within 60 days, $10.6 million covering the pre-delivery instalments paid by Pacific Crest for the PSVs.
The
