Seadrill has reached an agreement with Northern Ocean Ltd. on balances outstanding from Seadrill’s preparation of the semisubmersible drilling rigs West Mira and West Bollsta.
HAMILTON, Bermuda – Seadrill has reached an agreement with Northern Ocean Ltd. (NOL) on balances outstanding from Seadrill’s preparation of the semisubmersible drilling rigs West Mira and West Bollsta.
The settlement closes all outstanding balances, claims, and counter-claims between the companies and their subsidiaries.
It also confirms that Seadrill will provide certain transition services to any prospective new managers in respect of NOL’s rigs, with Seadrill re-commencing bareboat lease payments for the West Bollsta from Aug. 10, alongside its continued operation of the rig on a contract for Lundin Energy offshore Norway.
Grant Creed, the company’s CFO, said: “Conclusion of this uncertainty around claims and counterclaims with NOL is an important pre-requisite to Seadrill being able to proceed with its Chapter 11 filing.”
