ONYEKACHI AJA OTISI, J.C.A. (Delivering the Leading Judgment): This appeal was lodged against the Ruling and Judgment of the Federal High Court, Lagos Division Coram: C.M.A Olatoregun, J., delivered on May 4, 2018 and May 21, 2018 respectively, in favour of the Respondent.
The facts leading to this appeal, as can be gleaned from the Record of Appeal and from the processes of the parties, may be summarized in this manner:
The Respondent, an indigenous Oil and Gas Company in Nigeria, is the owner and operator of the “DSV VINNICE”, a diving support vessel that carries the Nigerian Flag. On 22/3/2015, the Appellant and Respondent entered in a Memorandum of Agreement (MOA) for the purpose of establishing mutual cooperation in seeking business opportunities of mutual interest in diving and subsea services in Nigeria and Africa at large which will require the DSV VINNICE. Parties reached a firm agreement under the MOA that in the event of success in obtaining a new business opportunity, the…