PGS loses final $11m appeal against GC Rieber

Norway's PGS has lost its final appeal against GC Rieber Shipping in a long-running row over payment for a seismic vessel resale.

PGS went to the supreme court in a last bid to overturn the ruling worth EUR 9m ($10.9m), but failed.

Rieber won a Gulating court appeal in April against PGS.

Its subsidiary Armada Seismic Invest II was sued in 2012 by Arrow Seismic Invest II, now called PGS Geophysical (UK).

It alleged that Armada paid the wrong party when it took delivery of the 20,000-hp Polar Duchess from Spain’s Factorias Vulcano shipyard in October 2011.

The vessel had been ordered by Arrow in 2006 and transferred to rival owner PGS in 2007, when PGS acquired Arrow.

The contracts were cancelled in 2009 due to delays.

Rieber said: "The decision is final and Armada will be refunded their legal costs of approximately NOK 7m ($859,000) in connection with Bergen district court, Gulating court of appeal and the supreme court's appeal committee."