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Court Orders Tullow To Pay USD$254m In Termination Fees

  • SOURCE: reportingoilandgas.org | Baaba Daniels
    • POSTED ON: July 4, 2018
    • CATEGORY:

    A judgment has been passed today in the English Commercial Court which has required Tullow Ghana Limited, a subsidiary of Tullow Oil Plc to pay USD$254 million in contractual termination fees to Seadrill Ghana Limited Operations Limited (Seadrill) in the next fourteen days (14) after invoking a force majeure clause within its West Leo rig contract in December 2016.

    The Hon. Mr. Justice Teare who presided over the case ruled in favour of Seadrill after pronouncing that Tullow Oil was not entitled to terminate the contract. Tullow is expected to also pay all other standby fees which accrued 60 days prior to the termination of the contract. As it stands, the company is presently contemplating its options including an appeal.

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