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ARTICLE · 10 DECEMBER 2010

What is an Oil Major in the Shelltime 4 Form?

In Dolphin Tanker SRL v Westport Petroleum Inc (the "Savina Caylyn") QBD – 21 October 2010, the High Court reviewed the decision of London arbitrators which considered which companies should be considered as oil majors.

United KingdomLitigation, Mediation & Arbitration

In Dolphin Tanker SRL v Westport Petroleum Inc (the "Savina Caylyn") QBD – 21 October 2010, the High Court reviewed the decision of London arbitrators which considered which companies should be considered as oil majors.

The "Savina Caylyn" had been chartered on a Shelltime 4 form for a five year period. Clause 50 of that charter stated:

"should the vessel be failed on three consecutive oil major vetting reviews/inspections due to Owner's/vessel's reason, the Charterers ... shall have the option to cancel the charter ...A vetting review/inspection is defined as a nomination by the Charterers to an oil major and the oil major reviewing the vessel by either a physical inspection or latest SIRE inspection report".

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