EnscoRowan Awarded $180 Million by Arbitration Tribunal
16 Mai 2019 - 11:30PM
Business Wire
Ensco Rowan plc (NYSE: ESV) (“EnscoRowan” or the “Company”)
today announced that an arbitration tribunal has awarded the
Company $180 million in damages in its proceedings against Samsung
Heavy Industries, a shipyard in South Korea (“SHI”). Further, the
Company will be claiming interest on this amount and costs incurred
in connection with this matter.
In April 2016, the Company 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 a
customer. 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 apply
to the English High Court for leave to appeal this award within 28
days from date of award. There can be no assurance when the Company
will be paid all or any portion of the damages awarded or any
related interest or costs.
Ensco Rowan plc (NYSE: ESV) is the industry leader in offshore
drilling services across all water depths and geographies.
Operating a high-quality rig fleet of ultra-deepwater drillships,
versatile semisubmersibles and modern shallow-water jackups,
EnscoRowan has experience operating in nearly every major offshore
basin. With an unwavering commitment to safety and operational
excellence, and a focus on technology and innovation, EnscoRowan
was rated first in total customer satisfaction in the latest
independent survey by EnergyPoint Research - the ninth consecutive
year that the Company has earned this distinction. Ensco Rowan plc
is an English limited company (England No. 7023598) with its
corporate headquarters located at 6 Chesterfield Gardens, London
W1J 5BQ. To learn more, visit our website at
www.enscorowan.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190516006064/en/
Investor & Media Contacts:Nick GeorgasSenior Director -
Investor Relations and Communications713-430-4607
Tim RichardsonManager - Investor Relations713-430-4490
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