NODL: Cancellation of the West Libra

West Libra 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 Libra due to delay of delivery as well as repudiatory breach of contract.

West Libra Inc. has made advance payments totaling approximately USD $90 million under the resale contract with DSME, 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 the terms of the contract as well as industry standard procedures and timescales.

Following the cancellation of the resale contract of West Aquila in August 2021, DSME has initiated arbitration proceedings.

 

Contact Person:

Scott McReaken, CEO of NODL

+1 (832) 509-7191

 

Additional information about the Company can be found at: http://www.northerndrillingltd.com

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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.