Akastor ASA: Update on DRU arbitration award amount

Source: www.gulfoilandgas.com 4/22/2024, Location: Europe

Reference is made to Akastor ASA's announcement dated 18 April 2024 on the arbitration award issued in respect of the DRU contracts. The arbitration tribunal imposed different orders for interest for sums awarded, including for (i) unpaid invoices prior to termination, and (ii) the termination fees, both at a rate of 8.5% per annum, compounded quarterly.

MHWirth AS ("MHW") and Akastor, together with its claim advisors, have completed the calculation of interest awarded pursuant to the tribunal's arbitration award, and have concluded that a total amount of about USD 65 million is due as payment of interest. Accordingly, the total gross amount awarded to MHW in respect of the DRU contracts is about USD 173 million, including interest.

The calculation on interest has been shared with Jurong Shipyard Pte Ltd ("Jurong"), who has responded that it does not agree with the calculation but Jurong has not shared its own calculation. If the parties are unable to agree on how interest shall be calculated, the tribunal may be asked to issue further directions in that regard.

Although the DRU contracts are held by MHW, which is a wholly owned subsidiary of HMH Holding B.V. ("HMH"), Akastor ASA holds full financial interest in these contracts as this was not included in the transaction when HMH was created in 2021.


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