Fugro announces unfavourable outcome in Southern Star arbitration


Fugro announces an unfavourable outcome in its arbitration with Tasik Toba Subsea AS (“Tasik”). As previously disclosed, Fugro Singapore has been involved in arbitration proceedings with Tasik regarding the handing back to Tasik in March 2019, of a long-term chartered DP3 diving support vessel, the Southern Star. Today the arbitration tribunal delivered its decision in which it determined that the charterparty should not have been terminated and thus Tasik was awarded a sum of USD 26.8 million.

Fugro still has a number of counterclaims against Tasik which have not yet been deliberated or decided by the arbitration tribunal and which will be addressed at a later point this year.