Ensco Rowan awarded $180M in damages by arbitration tribunal
Ensco Rowan has been awarded by an arbitration tribunal $180M in damages in its proceedings against Samsung Heavy Industries, a shipyard in South Korea. The company will be claiming interest on this amount and costs incurred in connection with this matter. In April 2016, the company initiated arbitration proceedings in London against SHI for the losses incurred in connection with a drilling services agreement for ENSCO DS-5 that was voided by a customer. In January 2018, the arbitration tribunal issued an award on liability fully in EnscoRowan's favor, and the arbitral hearing on damages took place in 1Q19. SHI may apply to the English High Court for leave to appeal this award within 28 days from date of award. There can be no assurance when the company will be paid all or any portion of the damages awarded or any related interest or costs.