Gulf Oil and Gas accountACCOUNT

Seadrill Announces Settlement of West Mira Arbitration

Source: www.gulfoilandgas.com 3/13/2017, Location: Asia

Share |
Seadrill has reached a settlement agreement with Hyundai Samho Heavy Industries ('HSHI') in relation to the West Mira arbitration. Seadrill will receive a cash payment of $170 million in March 2017 as full settlement of the dispute.

Arbitration proceedings began in October 2015 following the cancellation of the construction contract for the West Mira and were expected to conclude during the first half of 2018. This settlement agreement brings an early conclusion to the arbitration process.

The Company will take a non-cash impairment of approx. $44 million to reflect the difference between the carrying value of the West Mira receivable and the cash payment to be received.

As part of this settlement, Seatankers, a related party, has purchased the West Mira from HSHI.

Seatankers is an asset holding company and is not expected to engage in offshore drilling activities in competition with Seadrill. The Company expects to execute an agreement with Seatankers for the commercial and technical management of the West Mira as well as a right of first refusal for purchase of the Unit.

Oil & Gas Companies News in Singapore >>

Russia >>  3/22/2017 - In January, inflation reached its slowest rate of increase since June 2012 at 5.0% y-o-y. In February, inflation eased further to 4.6% y-o-y. The cent...
Brunei Darussalam >>  3/10/2017 - Amec Foster Wheeler has been awarded a major contract by Brunei Shell Petroleum Sdn Bhd (BSP) for the rejuvenation of assets in Brunei. The work inclu...

China >>  3/8/2017 - The latest information for China showed total commercial oil inventories fell slightly by 0.4 mb in December to stand at 362.8 mb, which is 21.3 mb lo...
Malaysia >>  2/28/2017 - The Saudi Arabian Oil Company (Saudi Aramco) and Petroliam Nasional Berhad (PETRONAS) signed a Share Purchase Agreement (SPA), allowing Saudi Aramco’s...

Japan >>  2/27/2017 - The Japanese economy continues to experience good growth momentum after a period of declining indicators in past months. It remains to be seen if the ...
Russia >>  12/8/2016 - Glencore notes the announcement released by the Russian government regarding the privatization of shares in Rosneft. ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Singapore Oil & Gas 1 >>  2 | 3 | 4 |

More News

 

Oil & Gas Companies in Singapore >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.