Awilco Drilling PLC: Nordic Spring - Termination of Vessel

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The Company is pleased to announce that its fully owned subsidiary Awilco Rig 2 Pte. Ltd. on 22 March 2018, signed a contract with Keppel FELS shipyard in Singapore for the building of one new CS60 ECO MW semi-submersible drilling rig. 1,084 1 minute read. Singapore’s Keppel Corporation has announced that subsidiary Keppel FELS has terminated the contract with Norway’s Awilco Drilling for semi-submersible drilling rig Nordic 2020-12-29 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 Singapore-based offshore yard Keppel FELS has terminated a US$425 million (S$567.3 million) contract with Awilco Drilling to build semi-submersible drilling rig Nordic Spring, due to Awilco’s failure to make its second installment payment due in March 2021, said Keppel Corporation last Friday (4 December).. It was reported earlier on that Awilco had ordered two semi-submersible drilling rigs A new layer has been added to the bitter feud between Awilco Drilling and rig builder Keppel FELS, with a second arbitration process on the cards. by Mark Lammey 04/12/2020, 5:33 pm Updated: 04/12 Awilco Drilling said Monday that its subsidiary Awilco Rig 1 (AR1) had notified Keppel FELS that it had exercised its contractual termination right under a newbuilding contract between KFELS and AR1 for the construction of the semi-submersible drilling rig, Nordic Winter, "as a result of breaches under the vessel construction contract." 2020-12-05 UK offshore drilling contractor Awilco Drilling has exercised an option to order its second harsh-environment semi-submersible drilling rig from Keppel in Singapore for a price of $425 million. It has also decided to name a new CEO. The rig will be built to Moss Maritime’s CS60 ECO MW design and is expected to be delivered in March 2022.

These were first such orders after the previous oil price collapse. Offshore driller Awilco Drilling has terminated its offshore rig construction order with Singapore’s Keppel due to a “breach of contract“ and is seeking a refund. This comes following Keppel terminated the construction contract for the same – Nordic Spring semi-submersible drilling rig – and serving Awilco with a notice of arbitration.

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The idea behind the $850 million deal for the rigs was to enter the Norwegian harsh-environment drilling market. 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 Earlier this month, Keppel FELS already terminated the contract with Awilco Drilling for the rig and commenced arbitration to enforce its rights.

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Offshore drilling contractor Awilco Drilling is looking into ways to finance its remaining commitments for a newbuild rig ordered at Keppel keeping in mind that there is also an option to delay the delivery and the next payment by up to a year. Awilco owns and operates two semi-submersible drilling rigs. 2020-12-06 · Keppel Fels has assessed that the Awilco Drilling unit it signed the contract with will not be able to make its second instalment payment due in March 2021. The parties had entered the contract in Keppel FELS, a wholly-owned subsidiary of Keppel Offshore & Marine (KOM), has denied allegations by wholly-owned subsidiary of Awilco Drilling PLC, Awilco Rig 1, purporting to terminate the contract for the construction of a drilling rig worth about $590.71m (US$425m). Reference is made to the stock exchange releases by Awilco Drilling PLC (“the Company”) on 27 and 28 February 2018 regarding the successfully completed private placement. The Company is pleased to announce that its fully owned subsidiary Awilco Rig 1 Pte. Ltd. on 9 March 2018, signed a contract with KeppelFELS shipyard in Singapore for the building of one new CS60 ECO MW semisubmersible 2020-12-30 · Awilco Rig 2 Pte. Ltd (AR2) has terminated its vessel construction contract with Keppel FELS Limited (KFELS) for the newbuild semi-submersible drilling rig Nordic Spring, AR2 parent company Awilco A new layer has been added to the bitter feud between Awilco Drilling and rig builder Keppel FELS, with a second arbitration process on the cards.

Awilco Drilling in 2018 caught the offshore drilling world by surprise when it ordered a harsh environment semi-submersible drilling rig from Singapore's Keppel. This was followed by another newbuild order of the same type and with the same company in 2019. These were first such orders after the previous oil price collapse. Awilco Drilling in 2018 ordered the harsh environment semi-submersible drilling rig from Keppel. This was followed by another newbuild order of the same type and with Keppel in 2019.
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Mr Berge joined Awilco, headquartered in Westhill, near Aberdeen, from Awilco Drilling mener etter hva Finansavisen erfarer at Keppel FELS ikke har gjort sin del av jobben slik verftet skulle. Skulle begge kontraktene bli terminert vil selskapet kreve å få refundert sine innbetalinger som for to rigger beløper seg til cirka 100 millioner dollar. 2020-12-05 · Awilco, a UK North Sea focused driller, which owns two offshore drilling rigs built in the 1980s, ordered two semi-submersible drilling rigs form Keppel in 2018 and 2019, respectively, at $425 million apiece, with the aim of breaking into the Norwegian harsh-environment offshore drilling market.

Forusbeen 222, PO Box 8125, 4069 Stavanger Phone: 51 20 24 00 · Fax: 51 20 24 01 Keppel 31 60 00 · Fax: 56 31 60 01 Awilco Offshore ASA Beddingen 8 Aker Brygge, PO Box 1583 Vika, Awilco Offshore, Gtc Oilfield Services Pvt Ltd, Essar Oilfields Services Limited, Precision Drilling, RIG Careers, Drilling Rigs, Drilling Jobs, ‎Maersk Drilling, Keppel FELS, Keppel FELS Subcontractors Executive Council, Abu Dhabi Ship Awilco Drilling PLC · Axalta Coating Systems Ltd · Axcelis Technologies Inc · Axcella Health Inc · Axel Springer AG · AxelaTrader 3x Long Brent Crude Oil ETN The price of contracting a drilling rig to the Norwegian continental shelf is took over the Keppel Offshore & Marine's stake in Keppel Norway.
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Hos Nordnet kan du handla från 0 kr i courtage. Klicka här för att följa aktiekursen i realtid Awilco, a UK North Sea focused driller, which owns two offshore drilling rigs built in the 1980s, ordered two semi-submersible drilling rigs from Keppel in 2018 and 2019, respectively, at $425 million apiece, with the aim of breaking into the Norwegian harsh-environment offshore drilling market. “Awilco Drilling is well positioned to capitalise on a recovering market in the North Sea and with the Keppel Offshore & Marine built Moss Maritime CS60 ECO MW, it has chosen the most operationally efficient and environmentally sound platform to do so,” said Stene Førsund, EVP Global Sales & Marketing, Kongsberg Maritime. Rig company Awilco takes new step in dispute with Keppel. Rig operator Awilco Drilling has now terminated a contract with shipyard Keppel for the construction of a rig, and the company wants a large million-dollar refund.