West Cobalt Inc., the 100% owned subsidiary of Northern Drilling Ltd (NODL), on Monday (Oct 07) notified Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) that it has canceled the resale contract for the 7th generation ultra deepwater drillship West Cobalt due to various reasons including repudiatory breach of contract by DSME.

NODL Cancellation of the West Cobalt Resale Contract
Caption: West Cobalt drillship - Image courtesy of Northern Drilling


West Cobalt Inc. has made advance payments totalling approximately $49.2 million under the contract, and will claim a refund of the installments paid, plus interests and damages.

Source: NODL