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Seadrill settles with Hyundai Samho over semi-sub cancellation

Seadrill settles with Hyundai Samho over semi-sub cancellation

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Offshore driller Seadrill has announced that it has reached a settlement agreement with Hyundai Samho Heavy Industries regarding the cancellation of semi-submersible rig West Mira.

Seadrill exercised its right to cancel the rig in September 2015, which led to an arbitration between the two parties in October 2015. As part of the settlement, John Fredriksen’s Seatankers has acquired the West Mira from the shipyard and Seadrill will receive a cash payment of $170m in March 2017 as full settlement of the dispute.

Seadrill said it expects to execute an agreement with Seatankers for the commercial and technical management of the West Mira and has the right of first refusal to acquire the rig.

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Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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