Awilco Drilling triumphs in second rig dispute with Keppel FELS
Awilco Drilling has been successful in the second of two arbitration cases against Singapore’s Keppel FELS over cancelled drilling rigs.
The legal dispute arose from the termination of fabrication contracts for the Nordic Winter and Nordic Spring semisubs due to alleged breaches of contract.
The Eric Jacobs-led firm became rig-less following the sale of its fleet last year, and its operations have been mostly focused on recovering deposits and other variation payments of $97.7m it made to Keppel.
Earlier this year, Awilco Drilling lost the first of two arbitration cases related to the Nordic Spring, but the judgment on the Nordic Winter has gone in its favor with an award of $43m plus interest and legal costs.
Awilco Drilling booked the rigs for construction at $425m each in 2018 and 2019. Keppel has been demanding $693m over the orders, or $424.9m and $268.9m, respectively, since the deal fell through in June 2020. Both rigs have since been taken up by Dolphin Drilling.
