SLB and Others v PAK and Others [2026] EWHC 449 (Comm) - King's Bench Division, Commercial Court (Mr Justice Calver) - 2 March 2026)

Shipbuilding contract - Price payable in instalments - Obligation on seller to provide Refund Guarantees to secure repayment if contract terminated - Whether obligation a condition or an innominate term - When time is of the essence - Appeal on point of law - Arbitration Act 1996, section 69

The first to eighth claimants were subsidiaries of C Inc, which owned a substantial fleet of container and dry bulk vessels. The ninth and tenth claimants were also corporations. Each of the 10 claimants was incorporated outside the UK. The three defendants were all subsidiaries of Z Co: the first defendant was a trading house, the second and third defendants owned and operated two large shipyards, incorporating three ultra-large drydocks.