West Aquila Inc., the 100% owned subsidiary of Northern Drilling Ltd (the “Company” or “NODL”), has today notified Daewoo Shipbuilding & Marine Engineering Co. Ltd (“DSME”) that it has cancelled the resale contract for the 7th generation ultra deepwater drillship West Aquila due to delay of delivery as well as repudiatory breach of contract.
West Aquila Inc. has made advance payments totaling approximately $90 million under the contract, and will claim a refund of the instalment paid, plus interest and damages. If this claim is disputed, the Company will seek an award via London arbitration in accordance with industry standard procedures and timescales.
Scott McReaken, CEO of NODL
+1 (832) 509-7191
Additional information about the Company can be found at: http://www.northerndrillingltd.com
Forward Looking Statements
Matters discussed in this release may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates, sometimes identified by the words “believes”, “expects”, “intends”, “plans”, “estimates” and similar expressions. The forward-looking statements contained in this release, including assumptions, opinions and views of the Company or cited from third-party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company does not provide any assurance that that the assumptions underlying such forward-looking statements are free from errors, nor does the Company accept any responsibility for the future accuracy of the opinions expressed in the presentation or the actual occurrence of the forecasted developments. No obligations are assumed to update any forward-looking statements or to conform to these forward-looking statements to actual results.