CH Offshore Ltd (“CHO”), a Singaporean provider of offshore support services, entered into a four-year charterparty for two anchor-handling and supply tugs with PDV Marina SA (“PDV”), a wholly owned subsidiary and the shipping arm of Petroleos de Venezuela SA, Venezuela’s state oil company. PDV assigned the charterparties to Astilleros De Venezuela CA (“Astilleros”), with the agreement of CHO, on the basis that PDV would remain liable, with Astilleros, for payment of the hire charges. Astilleros subsequently defaulted on the hire payments and, when the tugs were eventually redelivered to CHO, its claim for arrear hire, additional hire and demobilisation charges exceeded US$50 million. The claim was not paid and the applicant instituted proceedings in London against PDV and Astilleros. Seeking security in relation to these proceedings, CHO had the MT Rio Caroni, a crude oil tanker lying at anchor outside Durban harbour, arrested. PDV was the demise charterer of the MT Rio Caroni, and sought to have the arrest reconsidered (as it had been made ex parte and in their absence) on the basis that their rights in the vessel were contractual rights and not located within the jurisdiction of the court.