[Courtesy of Edda]
South Korea's top shipbuilder Hyundai Heavy Industries has acquired the ownership of a newly built accommodation service vessel from Norway's Edda Accommodation through arbitration, reports said Tuesday.
The vessel, which was to be named Edda Fortis, was ordered in March 2014 with delivery originally scheduled for June 2015. Edda canceled its order worth 200 million US dollars in April, citing extensive delays.
Edda asked Hyundai to return $69 million in advances received, while the shipbuilder brought the case to the London Maritime Arbitrators Association calling for $161 million in interest and compensation and saying delayed delivery was caused by Edda's request for a change in design.
The association has allowed Hyundai to own the vessel in return for paying back the advances received, Yonhap News reported.
At the time of its order, the 155-meter vessel was described as a next-generation accommodation vessel with accommodation capacity of 800 people, 850 square meters of office space, a modern gym, sauna, two swimming pools, conference rooms and an auditorium.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
