Shearman & Sterling’s International Arbitration team achieved yet another outstanding victory in Asia. The Tribunal rejected the claims brought against our client and upheld the most significant of the counterclaims brought by our client, the subsidiary of an Asian State-owned company in the energy sector, in two parallel arbitrations conducted under the Rules of the International Chamber of Commerce (ICC) in Singapore.
The dispute arose from two agreements relating to the development of an oil storage facility and related port facilities in Asia. English law and the law of the Claimants’ State applied. After extensive hearings in 2018 and 2019, the Tribunal ruled in favor of our client on all key questions in the dispute, upheld our client’s most significant counterclaims and rejected the entirety of the Claimants’ claims. Reflecting our client’s overwhelming success in the arbitrations, the Tribunal ordered the Claimants to shoulder 80% of our clients’ legal fees, as well as the entirety of arbitration costs.
The case raised highly complex issues and was of particular importance to our client and its parent company. This victory showcases our International Arbitration team’s commitment to delivering results, and its formidable strength in Asia.