Shipbuilding contract dispute between State-owned Shipyard G and F Company of Netherlands.
G Shipyard and F company of Netherlands came into a shipbuilding contract for two semi-submersible ships on May 18, 2010. After the order was signed, G Shipyard subcontracted the project to another shipyard. Due to the impact of the financial crisis, the owner was at risk of credit, delayed the payment and even willing to cancel the shipbuilding contract. We assisted G Company in negotiating with the owner, signed a written memo with the owner on the issue of delayed payment of delivery of 1# ship and docking of 2# ship, and clarifying the fact that the owner was in default. At the same time, we assisted the shipyard in providing financing channels for the owner. Ultimately Bank of China and CITIC Insurance provided short-term financing for the owner. G Shipyard successfully delivered the 1# ship and received the payment of delivery of 1# ship and docking of 2# ship.