Gulf Oil and Gas accountACCOUNT

EnscoRowan Awarded USD 180 Million by Arbitration Tribunal

Source: www.gulfoilandgas.com 5/17/2019, Location: Asia

EnscoRowan has announced that an arbitration tribunal has awarded the Company $180 million in damages in its proceedings againstSamsung Heavy Industries, a shipyard in South Korea ('SHI'). Further, the Company will be claiming interest on this amount and costs incurred in connection with this matter.

In April 2016, the Company initiated arbitration proceedings in London against SHI for the losses incurred in connection with a drilling services agreement for ENSCO DS-5that was voided by a customer. In January 2018, the arbitration tribunal issued an award on liability fully in EnscoRowan’s favour, and the arbitral hearing on damages took place in the first quarter of 2019.

SHI may apply to the English High Court for leave to appeal this award within 28 days from date of award. There can be no assurance when the Company will be paid all or any portion of the damages awarded or any related interest or costs.

Financials and Investment News in South Korea >>

China >>  6/10/2019 - ENOC Group has secured a five-year US$690 million term loan from a Chinese consortium of banks as China’s biggest financial institutions endorse the G...
Australia >>  5/30/2019 - Wood and NERA (National Energy Resources Australia) have announced a new funding partnership arrangement led by Wood, in collaboration with the Univer...

United Kingdom >>  5/26/2019 - The Board of Directors of Atlantic Petroleum has agreed with NASDAQ for a temporary suspension of the company’s shares. The Company advises that Graem...
Azerbaijan >>  1/29/2019 - SOCAR contributed AZN 1.65 billion to the State Budget for 2018. Compared with the previous year’s figures, the company's budget payments grew by AZN ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


South Korea Oil & Gas 1 >>  2 | 3 |

More News

Related Links

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