Michharry & Company Nigeria Ltd, a major Nigerian oil and gas contractor based in Lagos State, is risking Nigeria’s attractiveness to UK investors by refusing to honour recent London arbitration awards and High Court Judgements relating to approximately USD $3.5m in unpaid vessel hire fees.
The judgements are a result of unpaid hire against vessels supplied under hire to Michharry for its Mobil offshore contract during 2014-15 season by the Bahamas-based ship-owning company OIS International Limited. The mutually agreed charter contract was subject to English Law with any arbitration in London.“Does Chief Michael Edematie-Ikuku, Michharry Chairman & CEO, understand the damage that dishonouring a London High Court debt does to Nigeria’s reputation amongst UK investors?” said a spokesperson for OIS International.“When the UK is looking to increase commercial relations with the rest of the world as it exits its relationship with the European Union, such a disrespect for London arbitration awards and English High Court Judgements by a major Nigerian player will be very concerning for UK investors. We hope that Chief Edematie-Ikuku will reconsider his company’s position regarding this matter, both for his personal reputation and that of the whole Nigerian offshore oil and gas sector.”OIS International Ltd (represented by U.K. Solicitors Birketts LLP), has to date obtained final and unappealable Arbitration Awards totalling the principal sum of USD $3,484,612.73, plus interest and costs in respect of four final partial London arbitration awards.These awards were converted into High Court Judgements in London on the 5th June and 20th August 2015. OIS International Ltd has confirmed that the unappealable arbitration awards and judgements have not been settled and Michharry has not given OIS International Ltd any indication that they are prepared to honour any of the awards and verdicts against them.
The judgements are a result of unpaid hire against vessels supplied under hire to Michharry for its Mobil offshore contract during 2014-15 season by the Bahamas-based ship-owning company OIS International Limited. The mutually agreed charter contract was subject to English Law with any arbitration in London.“Does Chief Michael Edematie-Ikuku, Michharry Chairman & CEO, understand the damage that dishonouring a London High Court debt does to Nigeria’s reputation amongst UK investors?” said a spokesperson for OIS International.“When the UK is looking to increase commercial relations with the rest of the world as it exits its relationship with the European Union, such a disrespect for London arbitration awards and English High Court Judgements by a major Nigerian player will be very concerning for UK investors. We hope that Chief Edematie-Ikuku will reconsider his company’s position regarding this matter, both for his personal reputation and that of the whole Nigerian offshore oil and gas sector.”OIS International Ltd (represented by U.K. Solicitors Birketts LLP), has to date obtained final and unappealable Arbitration Awards totalling the principal sum of USD $3,484,612.73, plus interest and costs in respect of four final partial London arbitration awards.These awards were converted into High Court Judgements in London on the 5th June and 20th August 2015. OIS International Ltd has confirmed that the unappealable arbitration awards and judgements have not been settled and Michharry has not given OIS International Ltd any indication that they are prepared to honour any of the awards and verdicts against them. Discover more from NewsBreakers
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