Awilco said it had exercised its contractual right of termination over the newbuilding contract and was entitled to a refund of $57.42m plus interest.
Keppel FELS said the cancellation came just before the next instalment of $31.875m from Awilco came due on 9 June having been deferred in March this year at the drilling company’s request.
“Keppel FELS denies the allegations by Awilco in the Notice and has rejected the purported termination of the contract. Keppel FELS is currently considering its legal options and evaluating potential financial impact in consultation with its advisors,” Keppel said.
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