NODL: Determination of the arbitration proceedings
Hamilton, Bermuda – 25 September 2023
Reference is made to the stock exchange announcements of 17 August 2021 and 16 October 2021 from Northern Drilling Ltd. (the “Company” or “NODL“) regarding the cancellations of the resale contracts between the 100 % owned subsidiaries of NODL, West Aquila Inc. and West Libra Inc., and Daewoo Shipbuilding & Marine Engineering Co. Ltd. (now known as Hanwha Ocean Co. Ltd.) (“Hanwha”) for the 7th generation ultra deepwater drill ships West Aquila and West Libra, respectively, due to delays of delivery.
Today, the Company has received the arbitration awards from the tribunal, which have been found in favour of Hanwha. The tribunal has dismissed West Aquila Inc. and West Libra Inc’s claims. Hanwha’s claims against West Aquila Inc. and West Libra Inc. for losses arising from the terminations, interest, and costs will be determined at a future hearing.
West Aquila Inc. and West Libra Inc. are disappointed with the Tribunal’s determination and are currently considering whether to appeal. We will revert with further information once a decision on whether to appeal has been made.
For further information please contact:
Scott McReaken, CEO
+1 832 509 7191
Additional information about the Company can be found at:
http://www.northerndrillingltd.com/
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.