Pacific Drilling rescinds Pacific Zonda construction contract (Scandinavian Oil-Gas Magazine)

Pacific Drilling rescinds Pacific Zonda construction contract

Published Oct 30, 2015

Pacific Drilling S.A. has exercised its right to rescind the construction contract for ultra-deepwater drillship Pacific Zonda due to the failure by Samsung Heavy Industries (SHI) 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 be seeking a refund of the installment payments.

Tags: Pacific Drilling S.A.

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