Songa Offshore SE : Cat D update
(Thomson Reuters ONE) -
As previously announced on July 15, 2015, Songa Offshore received notices of
arbitration from DSME in respect of the construction contracts for the Cat D
rigs.
On November 16, 2015, Songa Offshore received claim submissions from DSME
related to Songa Equinox, the first Cat D rig, in which DSME asserts a claim of
USD 179 million, along with a request for repayment of liquidated damages in a
total amount of USD 22 million. The claim that is asserted relates to alleged
cost overruns and additional work in relation to Songa Equinox rig due to what
DSME alleges were inherent errors and omissions in the design documents (as
often referred to as the FEED package).
Songa Offshore has performed an initial review of the claim and does not
consider that there is any substance to the claims asserted by DSME. The Company
is confident of its position, since it is of the view that DSME is responsible
for the delays and any attempt to recover cost overruns is of no merit due to
the "turn-key" nature of the construction contract. Songa Offshore has obtained
legal opinions from highly reputable law firms in the UK and Norway and from a
Queen's Counsel all of which confirm the Company's position.
Further details will be provided as and when appropriate.
17 November 2015
Limassol, Cyprus
For further information, please contact:
Bjørnar Iversen, CEO (+357 996 49 152)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Songa Offshore SE via GlobeNewswire
[HUG#1967325]
Unternehmensinformation / Kurzprofil:
Datum: 17.11.2015 - 08:50 Uhr
Sprache: Deutsch
News-ID 435074
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