INTA NAVIGATION LTD AND ANOTHER v RANCH INVESTMENTS LTD AND ANOTHER

[2010] 1 Lloyd's Rep. 74

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr Justice Teare

Sale of ship — Right of first refusal — MOA on Norwegian Sale Form terms — Buyers agreeing to purchase newbuilding vessel with right of first refusal to purchase second newbuilding vessel — Sellers giving notice to buyers of sale of second newbuilding to third party on “novation terms” — Buyers exercising right of first refusal — Whether resulting contract on Norwegian Sale Form terms or on novation terms.