AWLCF - Awilco Drilling Terminates Newbuild Contract And May Find Itself In A Lengthy Court Battle
There’s a new twist in Awilco Drilling’s (AWLCF) story: the company decided to terminate the contract for its first newbuild rig. The official announcement is short, so I will quote it almost in full:
“Awilco Rig 1 Pte. Ltd. (“AR1”), a wholly owned subsidiary of Awilco Drilling PLC (“Awilco Drilling”), has notified Keppel FELS Limited (“KFELS”) that is has exercised its contractual termination right under a newbuilding contract between KFELS and AR1 for the construction of a semi-submersible drilling rig, Nordic Winter, as a result of breaches under the Vessel Construction Contract.