Last month, the company disclosed a delay in the rig’s delivery and the resultant potential exposure to remedial costs and liquidated damages. Today, the company announced that it has signed an agreement with the client to settle all claims arising from the late delivery of the rig.
The settlement agreement comprises a deduction of $25 million from the final milestone payment in respect of late delivery. As part of the settlement, Lamprell will also provide additional services for the Ensco 140 and 141 rigs, including temporary storage and grant an extended warranty for the jacking equipment supplied by the original equipment manufacturer, Cameron LeTourneau.
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