- 22nd June 2020
- Posted by: Awilco Drilling
- Category: 2020
Reference is made to our stock exchange release dated 8 June 2020 advising that Awilco Rig 1 Pte. Ltd. (AR1) has exercised its right to terminate the building contract with Keppel FELS Limited (KFELS) and is entitled to a refund of the instalments paid to KFELS plus accrued interest. KFELS has disputed that AR1 had the right to terminate.
Today AR1 has received a notice from KFELS purporting to terminate for failure to pay the next instalment due, and notice that KFELS has commenced arbitration to resolve the disputes concerning termination and its consequences. AR1 maintains its position that it validly terminated the contract and maintains its entitlement to the instalments.
Aberdeen, 22 June 2020
For further information please contact:
Jens Berge, CEO
Phone: +44 1224 737900
Cathrine Haavind, Investor Relations
Phone: +47 9342 8464
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.