Sunday, November 27, 2022

EnscoRowan awarded $180M in damages against Samsung Heavy Industries

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Ensco Rowan plc (NYSE: ESV) announced on Thursday that an arbitration tribunal has awarded the company $180 million in damages in its proceedings against South Korean-based shipyard – Samsung Heavy Industries (SHI).

Further, the Company will be claiming interest on this amount and costs incurred in connection with this matter, Ensco Rowan said.

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 stated.


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