Seatrium to pay $77m in settlement to Awilco

Seatrium’s wholly-owned subsidiary Seatrium New Energy, alongside RigCo Holding, have entered into a settlement agreement with UK-based offshore drilling contractor Awilco Drilling amounting to US$57m .

According to the announcement on 20 June, the first arbitration award regarding the B379 newbuild contract was made in favour of Seatrium New Energy. The parties agreed on the sum of US$57 million as the full and final settlement of the two arbitration rulings, which includes all claims, disputes and amounts arising from the terminated contracts.

In 2020, the parties have been in dispute after Awilco moved to terminate both deals due to alleged breaches of contracts....there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

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