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John Fredriksen’s rig funding firm, Northern Drilling, has misplaced a authorized battle with Daewoo Shipbuilding & Marine Engineering (DSME), now Hanwha Ocean, over cancelled resale contracts for 2 ultra-deepwater drillships.
In 2021, Northern Drilling terminated offers with DSME for the West Libra and West Aquila, citing delays in supply in addition to a repudiatory breach of contracts. The deal was struck in Could 2018 at $296m for every drillship, with deliveries scheduled for January and March 2021 or earlier.
The corporate’s subsidiaries made advance funds of $180m and stated they’d declare a refund of the installment paid, plus curiosity and damages. DSME disputed these claims and commenced arbitration proceedings in London, claiming it’s entitled to retain the quantity paid and apply it in opposition to losses because of the termination.
Northern Drilling stated in an Oslo submitting that the tribunal had dismissed its items’ claims and that Hanwha’s claims in opposition to them for losses arising from the terminations, curiosity, and prices can be decided at a future listening to.
“West Aquila and West Libra are dissatisfied with the Tribunal’s dedication and are at the moment contemplating whether or not to enchantment. We’ll revert with additional data as soon as a choice on whether or not to enchantment has been made,” the corporate stated.
As of June final yr, Northern Drilling didn’t have any drilling items in operation or below building. The corporate’s actions primarily relate to assert receivables held in reference to the termination of the resale contracts for 3 drilling items. The deal for the third unit, beforehand generally known as West Cobalt, was terminated in October 2019.
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