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FACTUAL BACKGROUND

5. The facts giving rise to the present dispute, in brief, are that the plaintiff - Goltens Dubai, a ship repair company based in the United Arab Emirates, carried out extensive repair works on the vessel Master Panos during the period January to March 1998 at the request of its owner and operator/manager namely M/s. Royal Swan Navigation Co. Ltd. and M/s. Pevson Shipping Company S.A., respectively. The cost of the repair works was invoiced at US $ 435,232. As the payment remained outstanding, the plaintiff initiated legal proceedings which resulted in the arrest of the vessel at Dubai, thereby causing additional expenses of US $ 42,330 and raising the total outstanding liability to US $ 477,562.