The contract was worth about US$425 million ($567.0 million). Keppel FELS had issued a notice of termination in June 2022 to Awilco for such default in payment.
Sembcorp Marine’s (SembMarine) (SGX:S51
) wholly-owned subsidiary, Keppel FELS, has received the arbitral award against Awilco Rig 1, a wholly-owned subsidiary of Awilco Drilling. The award was made in favour of Keppel FELS.
The arbitration commenced in June 2022. Awilco had failed to make an instalment payment when due under a contract for the construction of a mid-water semisubmersible drilling rig for harsh environment use.
