Friday, 14 March 2025
Home Awilco Drilling Plc: Settlement of Arbitration Cases

The following content is a news release issued by and distributed by . The original news release may be found here.

Awilco Drilling Plc: Settlement of Arbitration Cases

Further to the stock exchange release of 1 May 2024 from Awilco Drilling PLC ("Awilco Drilling") regarding the termination of the newbuilding contract between Awilco Rig 2 Pte. Ltd. ("AR2") and Keppel FELS Limited ("KFELS") for the construction of a semi-submersible drilling rig, hull number B382.

Together Awilco Rig 1 Pte. Ltd. ("AR1"), AR2 and the Company have entered into an agreement with KFELS (now Seatrium New Energy Limited) and RigCo Holding Pte Ltd (“RigCo”) to settle all claims, disputes and amounts owing between them arising from the B379 and B382 newbuilding contracts. The parties have mutually agreed that AR2 will be paid USD 57.0 million which payment will result in full and final settlement of all matters arising from the B382 newbuilding contract, rig and arbitration; and mutual releases between the Company, AR1 and AR2 on the one hand and KFELS and RigCo on the other from any and all claims in connection with AR1 and the B379 newbuilding contract, rig and arbitration.

The Company will provide a further update once the settlement amount has been received, including the exact end date of the exercise period for the issued warrants. 

Aberdeen, 19 June 2024


For further information please contact:
Eric Jacobs, CEO of Awilco Drilling PLC
Phone: +47 9529 2271

Cathrine Haavind, Investor Relations of Awilco Drilling PLC
Phone: +47 9342 8464
Email: ch@awilcodrilling.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act....


Read the full news release here

Related Articles

Lilium burnt through huge sums while trying to develop its jet (AFP)

German flying taxi start-up’s rescue deal collapses

A German flying taxi start-up said on Friday it would halt operations...

FILE PHOTO: U.S. Secretary of the Interior Doug Burgum speaks as he attends a signing ceremony with members of the West Virginia Congressional Delegation at the EPA headquarters in Washington, D.C., U.S., February 18, 2025. REUTERS/Kent Nishimura/File Photo

US energy council chief says power plants to produce 15% more electricity

By Valerie Volcovici WASHINGTON (Reuters) – U.S. Interior Secretary and co-chair of...

Cuba has inaugurated a new solar energy park in the capital Havana (AFP)

Cuba opens solar park hoping to stave off blackouts

Cuba on Friday unveiled a new solar energy park in the capital...

FILE PHOTO: Cranes unload imported iron ore from a cargo vessel at a port in Lianyungang, Jiangsu province, China October 27, 2019. REUTERS/Stringer/File Photo

Iron ore heads for weekly gain on brightening demand outlook, China stimulus hopes

By Amy Lv and Lewis Jackson BEIJING (Reuters) -Iron ore futures prices...

Login into your Account

Please login to like, dislike or bookmark this article.