Pacific Drilling rescinds Pacific Zonda construction contract with Samsung

Offshore staff

LUXEMBOURG Pacific Drilling has exercised its right to rescind the construction contract for the ultra-deepwater drillship Pacific Zonda.

The company says Samsung Heavy Industries failed to timely deliver a vessel that substantially meets the criteria required for completion of the vessel in accordance with the construction contract and its specifications.

Pacific Drilling made advance payments totaling approximately $181.1 million under the contract, and will seek a refund of the installment payments.

10/29/2015

 

 

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