19 July 2018, News Wires — US-based Kosmos Energy, one of the developers of the West African FLNG project, says it won a legal dispute with UK’s Tullow Oil concerning the termination of a contract in Ghana.
Kosmos unit Kosmos Energy Ghana HC was successful in its arbitration against Tullow Ghana Limited in a dispute over responsibility for expenditures stemming from termination of the West Leo drilling rig contract, the company said in its statement.
The tribunal’s final award in the arbitration was delivered to the parties by the International Chamber of Commerce on July 17.
As a consequence of the arbitration award, Kosmos will not be required to fund Kosmos’ portion of Tullow’s liability to Seadrill, estimated by Tullow to be approximately $50,8 million
Kosmos will also be reimbursed by Tullow for approximately $14 million plus interest, related to amounts previously paid under protest as well as certain costs and fees of pursuing the arbitration, according to the statement.
Kosmos filed a request for arbitration with the International Chamber of Commerce in July 2016.
- LNG World News