London Arbitration 2/16

Contract - Joint venture agreement for provision of offshore well-testing vessel tostate petroleum company - Disputes between parties to joint venture agreement - Parties entering into compromise agreement - Parties agreeing addendum to compromise agreement on basis that contract with state petroleum company would be renewed for three years - Contract not renewed - Whether addendum binding on claimant - Whether claimant in breach of addendum agreement

The subject vessel (the vessel) was an offshore well-testing vessel capable of separating fluid residues generated by oil production so that oil could be recovered and exploited for commercial purposes. The technology had been developed by the respondent.