MHWirth AS, a subsidiary of Akastor ASA, wins $108.36M in arbitration against Jurong Shipyard Pte Ltd for terminated drilling rig unit contracts.

Akastor ASA's subsidiary, MHWirth AS, wins arbitration case against Jurong Shipyard Pte Ltd. for terminated drilling rig unit contracts. MHWirth awarded $101.36M termination fee, $7M for legal costs & suspension costs, and interest. The dispute involved 4 contracts initially signed in 2012 and terminated by Jurong in 2021-22. Akastor will include the fees as a receivable, with a $55M estimated accounting gain in Q1 2024 financials.