Norway's Boa Offshore has survived another legal bid to halt a payment owed to it by a Ukrainian billionaire in a cancelled newbuilding row.
The offshore vessel owner said Norway's Sor-Trondelag district court had dismissed an application to stop the handover of $12.7m.
The cash was due from Ukrainian tycoon Kostyantyn Zhevago's Luxembourg holding company Fevamotinoco after a Supreme Court ruling in Norway in February.
But another Zhevago company, called Calexco, said Boa had no right to the money before "a final and enforceable judgment" regarding the validity of a share deal between Calexco and Boa involving subsidiary Boa IMR.
Calexco, which has a 37% stake in Boa IMR, claimed to have scrapped the investment agreement which gave Boa a right to receive all the funds. Boa said this deal is still valid and binding.
The district court concluded that "no claim or basis for the requests were rendered probable".
Another appeal coming?
The court ruled that Calexco must pay Boa's legal fees.
But Boa said: "The decision is not yet legally enforceable, as it may be appealed to the Court of Appeal within the ordinary deadline for appeals of one month."
An enforcement order for the cash was made against Fevamotinico at the high court in London this year.
Boa said that Ferrexpo, a company from which Fevamotinico was entitled to a dividend payment exceeding the awarded claim, was to pay $12.7m by 13 August.
But Calexco went to court on 6 August to stop this.
Fevamotinico had been contesting a 2017 arbitration award relating to the cancellation of a ship at Noryards Fosen in Norway.
Zhevago is a Ukrainian mining and shipyard entrepreneur, the youngest self-made billionaire in Europe.
His connection to Fosen Yards has never been made clear, but Calexco owned sister operation Fosen BMV.
The dispute arose from a shipbuilding contract torn up in September 2015 at Noryards Fosen.
At the time of the cancellation, Boa said that it had already paid for a substantial part of the project and limited equity was required until the delivery date in 2017.
A month after Boa tried to ditch the 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.
