Norway's Boa Offshore has finally won a long-running legal battle with a company controlled by a Ukrainian billionaire over a cancelled newbuilding.
But the offshore vessel owner may have to resort to further legal action to secure damages.
Boa said that Kostyantyn Zhevago's Calexco company has not appealed a decision by Norway's Sor-Trondelag district court in August that prevented Calexco halting the handover of $12.7m in compensation awarded by a tribunal to Boa in 2017.
This related to the cancellation of a ship at Noryards Fosen in Norway in 2015.
Mining and shipyard entrepreneur Zhevago's connection to Fosen Yards has never been made clear, but Calexco-owned sister operation Fosen BMV is also a 37% shareholder of Boa subsidiary Boa IMR.
The compensation cash was due from Zhevago's Luxembourg holding company Fevamotinico after a Supreme Court ruling in Norway in February.
An enforcement order was made against Fevamotinico at the high court in London this year.
Legal bid rejected
Boa said in August that Ferrexpo, a company from which Fevamotinico was entitled to a dividend payment exceeding the awarded claim, was to pay the money to Boa by 13 August.
Calexco went to court on 6 August to stop this, but failed.
Boa Offshore has now submitted a proposal to the general meeting of Boa IMR for an extraordinary dividend in favour of Boa Offshore.
This is in line with the provisions of an investment agreement in 2015 between Boa Offshore and Calexco, which is opposing the proposal, Boa Offshore said.
The shipping company has also now sent a letter to Calexco claiming damages of NOK 110.9m ($12m) for a breach of the investment agreement.
Enforcement considered
"If the claim is not settled voluntarily, legal actions will be taken to enforce the claim," the shipowner said.
Calexco had argued Boa had no right to the money before "a final and enforceable judgment" regarding the validity of the share deal between Calexco and Boa involving Boa IMR.
Calexco also claimed to have scrapped the investment agreement that gave Boa a right to receive all the funds. Boa said this deal was still valid and binding, and the Sor-Trondelag court agreed.
In 2015, a month after Boa tried to ditch the newbuilding contract, Noryards Fosen filed for bankruptcy but it later ensured continuing operations thanks to a $64m refurbishment deal for ferry owner Hurtigruten.
Noryards BMV filed for bankruptcy in 2016 after failing to resurrect its finances.
