rss icon Subscribe
desktop mobile

Northern Drilling Cancels Drillship Resale Contract

© V . Tonic / MarineTraffic.com

Offshore drilling contractor Northern Drilling announced it has cancelled a resale contract for the 7th generation ultra deepwater drillship West Cobalt, which had been scheduled for delivery from South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) in 2021.

Northern Drilling, which notified DSME of the cancellation on Monday, said the deal was cancelled for "various reasons including repudiatory breach of contract by DSME".

Northern Drilling has made advance payments totaling approximately $49.2 million under the contract, and will claim a refund of the installments paid, plus interests and damages, it said.

West Cobalt, previously known as Cobalt Explorer, was originally ordered by Vantage Drilling for scheduled delivery in 2015, but the order was cancelled.

Northern Drilling exercised a $350 million option to acquire the drillship in April 2019.

Oct 8, 2019

 

Contracts

Baltic Index Sags as Rates Slip

AdobeStock / Credit © Lidian Neeleman

The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk

Exxon, Trafigura Tap Lower Freight Rates

A VLCC loads crude oil in the port of Corpus Christi, TX (File image / credit Port of Corpus Christi)

U.S. crude exports to Asia, which have slumped due to record freight costs, stirred on Thursday as

MSC Cruises Returns to Thordon to Keep Seashore Clean

Photo: Thordon Bearings

Thordon Bearings has received an order to supply a water-lubricated propeller shaft bearing

Legal

Singapore Company Fined for Illegal Scrapping Attempt

Harrier, previously named Tide Carrier was detained after suffering an engine failure and started to drift outside Jæren in Rogaland. (Photo: Kystverket)

A Singapore company has paid a NOK 7 million ($763,000) fine after it was caught trying to

USCG Announces Key Changes to NVIC's

file image: USCG

The Office of Merchant Mariner Credentialing published changes to five Navigation and Vessel

DOJ: Failure to Report Hazardous Condition

AdobeStock / © Renaschild

Two shipping companies incorporated in Liberia pled guilty today in federal court in Wilmington

Maritime Apps