Songa Offshore SE : Win in DSME Arbitrations
(Thomson Reuters ONE) -
Reference is made to Songa Offshore's announcements on 21 March 2016, 23
November 2015 and 17 November 2015.
As previously reported, Songa Offshore had submitted its defence to the claims
asserted by DSME in arbitrations related to the Songa Equinox, the first Cat D
rig, and the Songa Endurance, the second Cat D rig, (jointly referred to as the
"Rigs"), in which DSME asserted aggregate claims of USD 329 million, along with
a request for repayment of liquidated damages in a total amount of USD 43.8
million, totalling to USD 372.8 million. The claims asserted related to alleged
cost overruns and additional work in relation to the Rigs due to what DSME
alleges were inherent errors and omissions in the design documents (as often
referred to as the FEED package).
A question as to the legal interpretation of the rig building contracts was put
to the arbitral tribunal constituted in respect of the arbitrations on a
preliminary basis. That question was to ascertain which party had responsibility
for the FEED package and what the consequences of that would be. A two day
arbitration hearing took place before the arbitral tribunal on 2 and 3 May 2017
in London and the Tribunal's interim final award has been published today.
The tribunal has ruled in favour of Songa Offshore.
Songa Offshore considers that the Tribunal's interim final award should be
determinative of DSME's claims in respect of the Rigs (and in respect of any
similar claims that DSME might assert in respect of the Songa Encourage, the
third Cat D rig, and the Songa Enabler, the fourth Cat D rig) with an outcome
that no payment will be due by Songa Offshore to DSME. It is possible that DSME
may seek permission to appeal the tribunal's award but if it is determinative of
the claims and if no appeal is pursued then this will resolve DSME's claims
leaving Songa Offshore to pursue its counterclaim against DSME in respect of the
Rigs for the aggregate amount of USD 65.8 million. Songa Offshore will also
evaluate the pursuit of its counterclaims in respect to the Songa Encourage and
the Songa Enabler.
21 July 2017
Limassol, Cyprus
This information is subject to the disclosure requirements pursuant to section
5-12 of the 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: Songa Offshore SE via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 21.07.2017 - 20:00 Uhr
Sprache: Deutsch
News-ID 553423
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contact information:
Town:
Oslo
Kategorie:
Business News
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