KrisEnergy and Rubicon Offshore International are suing each other in multiple jurisdictions after the early end of a long-term charter of a floating production, storage and offloading vessel.
Legal action now ongoing in both the English and Cayman Islands high courts centres on alleged technical deficiencies of the Rubicon-owned FPSO.
But observers believe the basis for the dispute has more to do with the fluctuating price of oil and the way it affects the profitability of using FPSOs for pure storage.
