Akastor ASA: Arbitration award received on the DRU contracts
SEMBCORP MARINE UNSP/ADR (SMBMY)
Company Research
Source: PR Newswire
FORNEBU, Norway, April 18, 2024 /PRNewswire/ -- MHWirth AS ("MHW") has received an arbitration award issued by a tribunal under the rules of the Singapore International Arbitration Centre (SIAC) in a dispute with Jurong Shipyard Pte Ltd ("Jurong") arising out of Jurong's termination of four Drilling Rig Unit ("DRU") contracts, whereby MHW has been awarded an amount of USD 101,359,024 as payment of termination fees ("Termination Fee"). In addition, MHW has been awarded reimbursement of legal costs and certain suspension costs (total about USD 7 million), as well as interest which will be calculated and resolved in due course.Although the DRU contracts are held by MHW, which is a wholly owned subsidiary of HMH Holding B.V. ("HMH"), Akastor ASA (OSE: AKAST) holds full financial interest in these contracts as this was not included in the transaction when HMH was created in 2021. The DRU contracts were originally entered into in 2012 and were terminated by Jurong in 2021 and 2022 after hav
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