John Fredriksen-backed Northern Drilling has lost an arbitration against South Korea’s Hanwha Ocean over two cancelled drillship newbuilding resale contracts.
The Oslo-listed drilling company confirmed in a statement Monday that the London tribunal had found in favour of the former Daewoo Shipbuilding & Marine Engineering (DSME).
Northern Drilling cancelled the resale of the 7th generation West Aquila and West Libra in August and October 2021 due to what it described as a “delay of delivery as well as a repudiatory breach of contract”.
