Restructuring Singapore owner EMAS Offshore is seeking legal advice after a bareboat charter for an OSV was cancelled.
It said it had received a notice of termination for a deal that began in April 2011 from Marina Aquata Shipping, the owner of the 3,900-dwt platform supply vessel (PSV) Lewek Avior (built 2013).
The owner has alleged that "various termination events and breaches of material obligations" had taken place, EMAS said.
It had also noted that EMAS voluntarily elected to redeliver the vessel to it on 18 February and it had agreed to work with EMAS on this.
Marina Aquata is demanding reimbursement of all losses.
EMAS parent Ezra Holdings has issued a guarantee and indemnity for the charter.
EMAS said last month that its financial restructuring is contingent on its retaining its primary Oslo listing.
The company is continuing to work together with its advisers, creditors and key bank lenders to ensure a vital refinancing.
White knight BTI, a subsidiary of BakerTechnology, is looking to invest up to $50m in the company in return for a majority stake under a term sheet signed in early December.
But it wants EMAS to retain the Oslo listing.
