Offshore drilling services provider EnscoRowan announced that an arbitration tribunal has awarded it $180 million in damages in its proceedings against South Korean shipbuilder Samsung Heavy Industries (SHI).
Further, the company will be claiming interest on this amount and costs incurred in connection with the matter.
In April 2016, EnscoRowan (then Ensco) initiated arbitration proceedings in London against SHI for the losses incurred in connection with a drilling services agreement for ENSCO DS-5 that was voided by customer Petrobras.
In January 2018, the arbitration tribunal issued an award on liability fully in EnscoRowan’s favor, and the arbitral hearing on damages took place in the first quarter of 2019.
SHI may yet apply to the English High Court for leave to appeal this award within 28 days from date of award.
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