Turkey-based powership builder and operator company Karkey will resort to sending in bailiffs by court order if the company and Pakistan cannot reach an agreement on the $800 million compensation awarded by the International Center for Settlement of Investment Disputes (ICSID) on Aug. 22, the company said Friday.
The ICSID decreed that Pakistan needs to pay $800 million in compensation, including interest, to the energy-generating ship builder and operating parent company of Karkey, Karadeniz Holding, for the detention of the company's power-generating ships.
Karkey filed a lawsuit against Pakistan at the ICSID for the withholding of the company's ships in 2013.
'Pakistan has reported that it is working on this issue and will return to us, but if no agreement can be reached, we may have to exercise our right of collection through legal enforcement,' the company said.
The ICSID declared in 2014 that Pakistan should release the company's powership 'Kaya Bey', which they unfairly detained.
The company also said that one powership and two marine vehicles remain illegally detained by Pakistan since 2012.
'If Pakistan makes a full payment in compensation, its one powership and two marine vehicles will be transferred to Pakistan,' the company said.
Karpowership, a member of the Karadeniz Energy group, is the sole owner, operator and builder of the first powership, or floating power plant fleet, in the world.
The company, who employs over 2,200, owns and operates 13 powerships with an installed capacity of 2.7 gigawatts (GW) and has powerships under construction of 5.3 GW.
Karpowership is operational in Ghana, Indonesia, Lebanon and Zambia via Mozambique.
By Huseyin Erdogan