Pacific Drilling Announces Appeal of Arbitration Decision
Pacific Drilling S.A. Common Shares (PACD)
US:NYSE Investor Relations:
pacificdrilling.com/investor-relations/events-and-presentations/default.aspx
Company Research
Source: Business Wire
LUXEMBOURG--(BUSINESS WIRE)--Pacific Drilling S.A. (NYSE: PACD) (the “Company”) announced today that its subsidiaries, Pacific Drilling VIII Limited (“PDVIII”) and Pacific Drilling Services, Inc. (“PDSI”), have filed an application with the High Court in London for leave to appeal the award that has been issued in the arbitration proceedings between PDVIII and PDSI and Samsung Heavy Industries Co. Ltd. (“SHI”) related to the contract for the construction and sale of the Pacific Zonda. As previously disclosed, on January 15, 2020 an arbitration tribunal in London, England (the “Tribunal”) awarded SHI approximately $320 million with respect to its claims against PDVIII and PDSI.Under the rules governing the arbitration proceedings, PDVIII and PDSI have no automatic right to appeal and the grounds on which the High Court in London may grant permission to appeal are limited. There can be no assurance that permission to appeal will be granted, or if granted, that the appeal will be suc
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