Shanghai Shipyard wins US$170 million UK Court of Appeal contract case

Shanghai Shipyard has successfully appealed a judgment relating to a US$170 million payment under a shipbuilding contract. In Shanghai Shipyard Co Ltd v Reignwood International Investment (Group) Co Ltd the UK Court of Appeal overturned an April 2020 decision from the UK High Court that allowed the buyer of an offshore drillship – Reignwood International – to withhold a final payment instalment that was due on delivery of the vessel, pending the outcome of arbitration proceedings.