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

Legal

South Korea Okays Casinos on Cruise Ships

South Korea has given the go-ahead for cruise ships to operate onboard casinos for foreign guests, , reports the Korea Joongang Daily newspaper.   South Korean

Brazilian Police to Probe Nuclear Submarine Program

Brazilian federal police are investigating potential irregularities in a military program that aims to build a nuclear-powered submarine in partnership with France by 2023, newspaper Folha de S.

Philippines Mulls Massive Military Spend

Philippine generals on Wednesday asked Congress to almost triple annual defence spending over the next five years to upgrade equipment amid an escalating marine dispute with giant neighbour China.

 
 
Maritime Standards Naval Architecture Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.0990 sec (10 req/sec)