| Work Detail |
Singapore shipyard group Seatrium has agreed to pay an additional $68m to settle a rig building dispute with Norwegian industrial investor Akastor.
Akastor said in a filing on Oslo the sum would be paid as full and final settlement and booked in its Q2 financials.
The case dates back to 2012 when Jurong Shipyard, now a subsidiary of Seatrium, awarded MHWirth drilling equipment contracts related to four offshore rigs. The contracts were terminated in 2021 and 2022 after being suspended for many years. They were part of the intended deliverables under the drilling rig contracts that Jurong had entered with Sete Brasil and where a settlement deal was reached between the two parties in 2019.
Earlier this year Jurong lost an arbitration over the termination of these contracts and was ordered to pay a $101.3m fee by the Singapore International Arbitration Centre (SIAC).
MHWirth also secured reimbursement of about $7m in legal costs and certain suspension costs, as well as interest which has now been settled, taking the total amount to be paid by Seatrium to around $176m.
In related company news, Seatrium clinched a favoured customer contract with Hyundai LNG Shipping for the repairs and upgrades of its LNG carriers. The contract includes the refit of a series of LNG carriers over the next two years, with responsibilities in joint planning, information and experience sharing with Hyundai LNG Shipping. |
