Superyacht released from Gibraltar

An unfinished €350m superyacht that was detained in Gibraltar a week ago because of a claim for more than €15m in unpaid fees filed by German shipyard Nobiskrug against registered owner Valla Yachts, has been freed. It sailed from Gibraltar early Wednesday morning, the Gibraltar Chronicle reported.

The vessel will head to the Navantia shipyard in Cartagena, where it will undergo further sea trials as the internal fit-out continues, before delivery to its owner late in the second quarter.

Lawyers for the parties agreed the terms of a financial security, pending resolution of the admiralty claim and other matters that are under arbitration in London.

Nobiskrug is claiming a final €9.8m payment of a shipbuilding contract between the yard and Valla Yachts, which was due on January 27th. The company is also claiming sums of €2.6m and €2.9m which are already the subject of arbitration proceedings between the yard and Valla Yachts over liability for sub-contractor invoices and disputed variation orders during the building process.