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.
