Bombay and Calcutta High Court Lifts Multiple Ship Arrest Orders from Panama Flag Vessels 'Abouzar 81' and 'IOEC Annette'

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bouzar 81 and IOEC Annette, Panama flag specialised vessels owned by Iranian Governmental company, Iranian Offshore Engineering and Construction Company (IOEC) were arrested under several orders in separate admiralty actions passed by the Hon'ble Bombay High Court and Calcutta High Court for claims by Valentine Maritime (Gulf) LLC; Global (Ind) Hospitality Services Pvt. Ltd; Halani International Ltd; Arcadia Shipping Limited; Coastal Marine Construction and Engineering Limited; Ocean Diving Center Limited; Ocean Global FZCO; Jaisu Shipping Co Pvt Ltd; Global Services Middle East (FZE); and Hind Offshore Private Limited totalling to USD 99,03,078 which was negotiated and settled out of court for USD 64,82,057.

The vessels were arrested by orders of the Hon'ble Court for charter party dispute, claim for supplies, services and repairs to the vessels. Iranian Offshore Engineering and Construction Company is a general contractor to the oil and gas industry specializing in offshore engineering, procurement, construction, pipe coating, pipe laying and installation of jackets amongst other.

All the admiralty suits filed have been withdrawn and orders of arrest of the vessels vacated by the Hon'ble Dr. D.Y. Chandrachud of the Bombay High Court and the Hon'ble Mr. Justice Sanjib Banerjee of the Calcutta High Court. The Sheriff of Mumbai had issued a letter to the port, customs and other authorities requesting not issue port clearance or allow the vessels to sail for her outward journey has now issued its letter on December 1, 2007 to issue port clearance and allow both vessels to sail. Both the vessels will now sail out of Mumbai port on receiving port clearances and will head for Middle East sector and return back to India this month for a Government of India oil and gas exploration project.

Mr. Uttam Hathi, in-counsel and partner of LEX Nexus, Advocates and Solicitors representing IOEC and vessel interest is of the view that it makes more business sense to settle at an early stage and employing the vessels elsewhere rather than continuing a long drawn litigation. Mr. Shrikant Hathi partner of the law firm and a shipping specialist was also involved with In-counsel from the inception of its arrest, initiated all negotiation for settlement and have successfully assisted in lifting all the arrest of the vessels.