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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.

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

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