Result of Arbitration between Tullow Oil and Kosmos Energy
Image: Seadrill.
LONDON -- Tullow Oil plc has announced that a panel of arbitrators, working under the jurisdiction of the International Chamber of Commerce, has delivered an award in favor of Kosmos Energy Ghana HC (Kosmos) in relation to its dispute with Tullow Ghana Limited (Tullow) regarding its share of the liability of costs related to the West Leo rig (pictured), beyond October 1, 2016. The tribunal's award is final and binding.
As a result, Kosmos is not liable for its share of costs, being $50.8 million, arising from the recent case in the English Commercial Court brought by Seadrill Ghana Operations Ltd against Tullow. The arbitration award also provides that Tullow is due to reimburse Kosmos for some of its legal and rig demobilization costs.
