Awilco Drilling was successful in the second of two arbitration cases against the Keppel FELS yard and was awarded $43 million.
In April, Awilco Drilling lost its first two arbitration cases against Keppel FELS in Singapore. On Thursday, the drilling company succeeded in its compensation claim and was awarded $43 million plus interest and costs.
Following the sale of the WilHunter and WilPhoenix semi-submersible drilling rigs, Awilco Drilling is limited to arbitration matters only.
The arbitration came after the construction of the Nordic Winter and Nordic Spring platforms was canceled in 2020. Oilko Drilling has always believed that the company has the right to recover what was paid, which was $98 million – more than a billion kroner. At the current exchange rate plus interest.
It is not clear why the arbitration panel reached a different result in the second case than in the first round. Finansavisen was unable to obtain any comment from Awilco Drilling’s legal director, Eric Jacobs.
The stock was last traded at NOK 4.65 on the Oslo Stock Exchange. This values the company at NOK 68 million.
Through Awilhelmsen Offshore, the Awilhelmsen Group is the majority owner of Awilco Drilling with a 54 percent stake.
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