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West Aquila cancels drillship resale contract with DSME

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Oilfield Technology,

West Aquila Inc., the 100% owned subsidiary of Northern Drilling Ltd (NODL), has notified Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) that it has cancelled the resale contract for the 7th generation ultra-deepwater drillship West Aquila due to delay of delivery, as well as what it claims to be a repudiatory breach of contract.

West Aquila has made advance payments totaling approximately US$90 million under the contract, and will claim a refund of the installment paid, plus interest and damages. If this claim is disputed, West Aquila has said it will seek an award via London arbitration.

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