The 'Voyageur Spirit'

摘要

The defendant (Premier) was an oil exploration company engaged in developing and producing the Huntington Field oil reserves in the North Sea. It bareboat-chartered the floating production, storage and offloading vessel Voyageur Spirit from the claimant (Altera).At the same time as the bareboat charter, the parties entered into a separate "Service Agreement" and an "Over-Arching Agreement". The Over-Arching Agreement recited that Altera was going to perform upgrade work, as specified by Premier, to the vessel. The Over-Arching Agreement had 11 Appendices. Appendix M was headed "Availability and Hire Adjustments".Section 5 of Appendix M contained a Hire Adjustment Formula. The formula consisted of a narrative and two Worked Examples. The Worked Examples contained a step in the calculation (referred to as "Step 6") which was not set out expressly in the preceding narrative.