• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Samsung to pay $411 million to Stena Drilling after losing rig dispute

5 years ago
in Energy, highlights, Home, home-news, latest News
1 min read
0 0
0
104
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

South Korea’s shipbuilder Samsung Heavy will have to pay $411 million to rig owner Stena Drilling after losing a dispute related to the termination of a rig construction contract.

On 5 March 2021, a London Arbitration Tribunal determined certain issues in dispute between Stena Atlantic Limited and Samsung Heavy Industries over the construction of a harsh environment semi-submersible drilling unit, formerly known as Stena MidMAX.

The contract for the unit was signed on 26 June 2013 with the delivery of the unit to be made by 20 March 2016. The reported value at the time of the order was $727 million.

However, the contract was terminated by Stena on 1 June 2017 due to excessive delay.

The rig provider requested reimbursement of $215.4 million in pre-delivery instalments paid to Samsung, plus accrued interest.

Samsung disputed the termination and referred the dispute to London Arbitration.

According to Stena’s statement on Monday, the Tribunal determined that its termination of the contract was valid and in doing so dismissed all claims by Samsung against Stena.

RelatedPosts

Finance Minister Strikes Upbeat Tone About Economy as IMF Begins Fifth Programme Review

Everything You Need to Know About CAF’s Ordinary General Assembly – Kinshasa 2025

Sinner Storms into Beijing Final as Gauff Battles Past Bencic

The Tribunal also ordered payment by Samsung to Stena of the minimum sum of $411 million by way of refundment of pre-delivery payments plus further amounts in respect of interest and project costs.

Stena added that, based on the value of the receivable recognized in the company accounts, the award from the tribunal will not have any significant impact on the profit and loss statement of the Stena Group.

It is also worth reminding that Samsung later sold the semi-submersible rig to Odfjell Drilling for $505 million and won a contract for it from Aker BP.

The rig was named Deepsea Nordkapp at a Samsung Heavy yard in South Korea in October 2018 and delivered in 2019.

The unit is an enhanced Moss Maritime CS-60 winterized and purposely built for harsh environment areas.

Source: offshore-energy.biz
Via: norvanreports
Tags: $411 millionLondon ArbitrationLondon Arbitration TribunalOdfjell DrillingSouth Korea’s shipbuilder Samsung HeavyStena DrillingStena MidMAX
No Result
View All Result

Highlights

Alcaraz Triumphs Over Fritz in Tokyo, Secures Eighth Title of the Season

Africa’s Borrowing Costs are too High: The G20’s Missed Opportunity to Reform Rating Agencies

One in Two Nigerians Live in Poverty: Why Relief Programmes Have Failed

Developing Countries Accuse Rich of Broken Climate Promises at UN

Ghana Urged to Embrace Non-Interest Finance to Drive Inclusive Growth

Finance Minister Welcomes IMF Team for Fifth Review of Ghana’s Programme 

Trending

Business

Finance Minister Strikes Upbeat Tone About Economy as IMF Begins Fifth Programme Review

September 30, 2025

Finance Minister Strikes Upbeat Tone About Economy as IMF Begins Fifth Programme Review Ghana’s finance minister, Cassiel...

Everything You Need to Know About CAF’s Ordinary General Assembly – Kinshasa 2025

September 30, 2025

Sinner Storms into Beijing Final as Gauff Battles Past Bencic

September 30, 2025

Alcaraz Triumphs Over Fritz in Tokyo, Secures Eighth Title of the Season

September 30, 2025

Africa’s Borrowing Costs are too High: The G20’s Missed Opportunity to Reform Rating Agencies

September 30, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.