Maritime Risk International
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.