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Arbitrators have awarded a prize in favor of Kosmos Energy Ghana in its dispute with Tullow Oil.
The dispute concerns the portion of the liability for costs badociated with the termination of a drilling rig contract.
As a result of the adjudication, Kosmos will not be required to fund part of Tullow's liability arising from a recent case before the English Commercial Court. Tullow had estimated the Kosmos portion at around $ 50.8 million (44 million euros).
Kosmos will also be reimbursed by the Irish oil and gas company for about 14 million dollars (12 million euros) plus interest paid A statement from Kosmos said:
Costs of 50 , $ 8 million is segregated from the $ 140 million ($ 120 million) amount that Tullow paid following the decision of the British commercial court earlier this month Tullow did not have the right to terminate a contract with Seadrill, on the basis of the so-called force majeure provisions of the contract.
Force majeure provisions allow the termination of a contract when unforeseen circumstances arise
to complete the case and stated that he was disappointed with the decision.
Tullow's shares were unchanged yesterday afternoon.
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