Pacific Drilling (PACD) Announces Arbitration Decision
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Pacific Drilling Announces Arbitration Decision
January 15, 2020 2:05 PM ESTLUXEMBOURG--(BUSINESS WIRE)-- Pacific Drilling S.A. (NYSE: PACD) (the Company) announced today that an award has been issued in the previously disclosed arbitration proceedings between the Companys subsidiaries, Pacific Drilling VIII Limited (PDVIII) and Pacific Drilling Services, Inc. (PDSI), and Samsung Heavy Industries Co. Ltd. (SHI) related to the contract for the construction and sale of the Pacific Zonda. An arbitration tribunal in London, England (the Tribunal) awarded SHI approximately $320 million with respect to its claims against PDVIII and PDSI. The award does not include approximately $100 million in interest and costs sought by... More
