BW Offshore: Sendje Berge Arbitration
March 01 2017 - 1:30AM
With reference to stock exchange release dated 28
February 2017.
Sendje Berge Limited ("SBL"), a subsidiary of BW
Offshore Limited, has received an arbitration award relating to its
claim against Addax Petroleum Exploration (Nigeria) Ltd for the
payment of all outstanding day rates in respect of the hire of
SBL's FPSO Sendje Berge, currently operating in Nigeria. The award
found entirely in SBL's favour, requiring the claimed day rates to
be paid. The arbitration tribunal has further declared that no
deduction may be made by Addax from future hire payments.
BW Offshore has prior to the award received
payment of approximately USD 18.7 million from Addax as partial
payment of the outstanding hire payable.
This information is subject of the disclosure
requirements acc. to §5-12 vphl (Norwegian Securities Trading
Act)
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: BW Offshore via Globenewswire
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