Singapore’s Jurong Shipyard, a subsidiary of Seatrium, has misplaced an arbitration over the termination of drilling tools contracts associated to 4 offshore rigs.
MHWirth, a unit of Norwegian oil-services funding firm Akastor, has been awarded round $101.3m by the Singapore Worldwide Arbitration Centre (SIAC) as cost of termination charges.
The contracts courting again to 2012 had been terminated by Jurong in 2021 and 2022 after having been suspended for a few years. They had been a part of the supposed deliverables underneath the drilling rig contracts that Jurong had entered with Sete Brasil and the place a settlement deal was reached between the 2 events in 2019.
Akastor stated Thursday the arbitration award is full and ultimate and that MHWirth has additionally been awarded reimbursement of about $7m in authorized prices and sure suspension prices, in addition to curiosity which might be calculated and resolved sooner or later.
