FGH, Ocean Rig End Dispute

Monday, March 12, 2001
Norway's Ocean Rig and Friede Goldman Halter signed an agreement, ending a legal dispute over the building of two drilling rigs that was halted earlier this month.

"Work on the rigs, which was suspended briefly by Friede Goldman, causing Ocean Rig to commence arbitration and other legal proceedings against Friede Goldman, resumed in full this morning," it said in a statement to the Oslo Stock Exchange.

"Both companies believe that this latest agreement ... reflects the strong interest of both companies in allocating resources as effectively as possible to complete the remaining work on the rigs," it said.

Fride Goldman, based in Gulfport, Miss., halted work on the outfitting of two semi-submersible drilling rigs for Ocean Rig, saying it had previously warned that it did not intend to complete the rigs without a new agreement between the parties.

Ocean Rig subsequently began arbitration proceedings against it in London for the two Bingo 9000 rigs at Goldman's Pascagoula yard in Mississippi.

Under the agreement Ocean Rig will pay Goldman a contractually established rate for equipment, personnel and labour provided by Friede Goldman to cover the costs of completing the project, rather than a predetermined lump sum, it said.

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

DP World H1 Earnings Jump, Mulls Iran launch

DP World may launch operations in Iran, the company's chairman said on Thursday, as the global ports operator reported a jump in half-year earnings after buying assets from its parent company.

IMEI Certification - Unique Achievement

For Institute of Marine Engineers of India having achieved standardisation and maintainenace of quality processes simultaneously not just at their Head Office

Wärtsilä 34DF Becoming a Trendsetter

The upgraded version of the Wärtsilä 34DF engine is rapidly becoming established as an industry standard. The three major South Korean shipyards are supporting

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1211 sec (8 req/sec)