Cancellation of ‘West Cobalt’ resale contract

Source: press release, 7 October 2019

7th generation ultra deepwater drillship ‘West Cobalt’
7th generation ultra deepwater drillship ‘West Cobalt’ (illustration: NODL)

West Cobalt Inc., the 100% owned subsidiary of Northern Drilling Ltd (NODL), has notified Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) that it has cancelled the resale contract for the 7th generation ultra deepwater drillship West Cobalt due to various reasons including repudiatory breach of contract by DSME.

West Cobalt Inc. has made advance payments totalling approximately USD 49.2 million under the contract, and will claim a refund of the instalments paid, plus interests and damages.