AWLCF - Awilco Drilling: Shipyard Quickly Turns To Arbitration The Stock Remains Highly Speculative
In my previous article on Awilco Drilling (AWLCF), I noted that Awilco's decision to terminate the contract for its first newbuild rig could lead to a lengthy court battle.
As it turned out, it did not take long for Keppel FELS, the shipyard that was building the harsh-environment semi-sub Nordic Winter, to choose the arbitration route.
Here's what the yard had to say:
"Non-payment of any instalment by Awilco is a default in accordance with the contract, entitling Keppel FELS to terminate the contract, retain all payments received to date (approximately $54 million),