April 18, 2024
Industrials
DSME loses arbitration case with Norway firm
[THE INVESTOR] Daewoo Shipbuilding & Marine Engineering has lost an international arbitration case, industry sources said on July 26.
In 2011, the major Korean shipyard clinched a deal to build four semisubmersible drilling rigs for Songa Offshore of Norway.
DSME launched the arbitration case against Songa for two drilling rigs in 2015, claiming that the costs increased due to errors in design. It sought US$373 million in compensation.
But the arbitration tribunal in London recently ruled in favor of Songa Offshore.
DSME is reviewing an appeal against the preliminary ruling but said the costs related to the two rigs have been already written off.
By Alex Lee and newswires (alexlee@heraldcorp.com)
In 2011, the major Korean shipyard clinched a deal to build four semisubmersible drilling rigs for Songa Offshore of Norway.
DSME launched the arbitration case against Songa for two drilling rigs in 2015, claiming that the costs increased due to errors in design. It sought US$373 million in compensation.
But the arbitration tribunal in London recently ruled in favor of Songa Offshore.
DSME is reviewing an appeal against the preliminary ruling but said the costs related to the two rigs have been already written off.
By Alex Lee and newswires (alexlee@heraldcorp.com)
