Fredriksen cancels drillship contract at DSME

John Fredriksen’s Northern Drilling has cancelled the resale contract with South Korea’s DSME for ultra-deepwater drillship West Cobalt.

The rig investment company said the cancellation was “due to various reasons including repudiatory breach of contract by DSME”.

Northern Drilling subsidiary West Cobalt Inc. has made advance payments of around $49.2m under the contract, and said it will claim a refund of the instalments plus interests and damages.

West Cobalt appears to be the Cobalt Explorer drillship, which Northern Drilling declared a $350m option for in May. Cobalt Explorer was originally ordered by Vantage Drilling and terminated in 2015.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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