Boa Shipping , a wholly owned subsidiary of Norwegian shipowner Boa Offshore, has received approximately USD 16 million as dividend on its claim against Gulmar Offshore Middle East.

Namely, the claim relates back to 2009 when the charter contract for the vessel Boa Rover was cancelled and disputed by Boa Shipping.

The accounting effect is a gain of approximately NOK 85 million, Boa said.

The funds have been paid into an escrow account held by Nordisk Skibsrederforening on behalf of Boa Shipping and will be distributed as part of a solution in the ongoing restructuring process.