Sweden’s Stena Drilling has won an arbitration case with South Korean shipbuilder Samsung Heavy Industries regarding the termination of a rig construction contract.
Stena Drilling ordered a semi-submersible rig at Samsung in 2013 and the contract was terminated by Stena in 2017 due to excessive delays.
Samsung filed an arbitration against Stena, but the arbitration tribunal determined that Stena’s termination of the contract was valid and dismissed all claims by Samsung.
The tribunal also ordered payment by Samsung to Stena of the minimum sum of $411m by way of the refund of pre-delivery payments plus further amounts in respect of interest and project costs.
