BW Offshore: Sendje Berge Arbitration

(Thomson Reuters ONE) -


With reference to stock exchange release dated 28 February 2017.

Sendje Berge Limited ("SBL"), a subsidiary of BW Offshore Limited, has received
an arbitration award relating to its claim against Addax Petroleum Exploration
(Nigeria) Ltd for the payment of all outstanding day rates in respect of the
hire of SBL's FPSO Sendje Berge, currently operating in Nigeria. The award found
entirely in SBL's favour, requiring the claimed day rates to be paid. The
arbitration tribunal has further declared that no deduction may be made by Addax
from future hire payments.

BW Offshore has prior to the award received payment of approximately USD 18.7
million from Addax as partial payment of the outstanding hire payable.

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: BW Offshore via GlobeNewswire

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Bereitgestellt von Benutzer: hugin
Datum: 01.03.2017 - 07:30 Uhr
Sprache: Deutsch
News-ID 527508
Anzahl Zeichen: 1335

contact information:
Town:

Oslo

Kategorie:

Business News

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