Songa Offshore sees Daewoo Arbitration Lasting into 2018

Maritime Activity Reports, Inc.

February 24, 2017

Rig firm Songa Offshore's CEO Bjoernar Iversen expects the company's arbitration case with DSME (Daewoo Shipbuilding & Marine Engineering) to last throughout 2017 and into 2018.

** Songa received notices of arbitration from DSME in July 2015
** Claims of $373 million received from DSME in November 2015 for the two rigs Songa Equinox and Songa Endurance
** Songa submitted its response to DSME's claim and a $66 million counterclaim against DSME in March 2016
** CEO says DSME is responsible for delays and cost overruns on the rigs
** CEO: We believe we have a very, very strong case.
Reporting By Ole Petter Skonnord
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