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Awilco Drilling Plc: Keppel denied leave to appeal the ruling of the AR2 arbitration tribunal

Written by Customer Service on . Posted in Public Companies.

Further to the stock exchange releases of 23 November 2023 and 15 January 2024 from Awilco Drilling PLC (“Awilco Drilling”) regarding the termination of the newbuilding contract between Awilco Rig 2 Pte. Ltd. (“AR2”) and Keppel FELS Limited (“KFELS”) for the construction of a semi-submersible drilling rig, hull number B382.

The Company has today received the decision of the High Court refusing Keppel’s application for leave to appeal the award of the AR2 arbitration tribunal. The award is in AR2’s favour in an amount of USD 43.0 million plus interest and legal costs.

Unless the parties can mutually agree, the tribunal will issue a further award related to interest and costs. We will revert once the award has been received and the amounts of interest and costs have been determined.

Aberdeen, 1 May 2024

For further information please contact:
Eric Jacobs, CEO of Awilco Drilling PLC
Phone: +47 9529 2271

Cathrine Haavind, Investor Relations of Awilco Drilling PLC
Phone: +47 9342 8464
Email: ch@awilcodrilling.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

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