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Awilco Drilling PLC: Nordic Spring - Termination of Vessel Construction Contract

Awilco Drilling Plc
·1 min read

Awilco Rig 2 Pte. Ltd. (“AR2”), a wholly owned subsidiary of Awilco Drilling PLC (“Awilco Drilling”), has notified Keppel FELS Limited (“KFELS”) that it has exercised its contractual termination right under the newbuilding contract between KFELS and AR2 for the construction of a semi-submersible drilling rig, Nordic Spring, as a result of breaches under the Vessel Construction Contract. At the same time, AR2 has also exercised its contractual rights under the contract and given KFELS notice of termination as a result of Force Majeure.

The vessel construction contract provides that on termination AR2 will be entitled to a refund of the instalments paid to KFELS of USD 43.0 million plus accrued interest.

Nordic Spring is one of the two semi-submersible drilling rigs of Moss Maritime CS60 Eco MW design ordered by Awilco Drilling subsidiaries from KFELS, which both now have been terminated. In addition, a separate Awilco Drilling subsidiary has an option for one further rig of the same design.

Aberdeen, 28 December 2020


For further information please contact:
Jens Berge, CEO
Phone: +44 1224 737900

Cathrine Haavind, Investor Relations
Phone: +47 9342 8464
Email: ch@awilcodrilling.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.