SFL – Ruling from Oslo District Court in the Seadrill Legal Case
SFL (NYSE: SFL) has received a favorable ruling from the Oslo District Court in its legal case against Seadrill subsidiaries. The dispute arose following the redelivery of the drilling rig Hercules to SFL in December 2022. The court ordered Seadrill subsidiaries to pay SFL approximately $48 million in total compensation, which includes late payment interest and legal costs, due to breach of contract upon rig redelivery.
The ruling is subject to appeal from both parties, with a deadline of March 5, 2025. The company will carefully review the details of the court's judgment.
SFL (NYSE: SFL) ha ricevuto una sentenza favorevole dal Tribunale di Oslo nella sua causa legale contro le filiali di Seadrill. La controversia è sorta a seguito della riconsegna della piattaforma di perforazione Hercules a SFL nel dicembre 2022. Il tribunale ha ordinato alle filiali di Seadrill di pagare a SFL circa 48 milioni di dollari a titolo di risarcimento totale, che include interessi per ritardo nei pagamenti e spese legali, a causa di una violazione del contratto al momento della riconsegna della piattaforma.
La sentenza è soggetta ad appello da parte di entrambe le parti, con termine fissato per il 5 marzo 2025. L'azienda esaminerà attentamente i dettagli del giudizio del tribunale.
SFL (NYSE: SFL) ha recibido un fallo favorable del Tribunal de Distrito de Oslo en su caso legal contra las filiales de Seadrill. La disputa surgió tras la devolución de la plataforma de perforación Hercules a SFL en diciembre de 2022. El tribunal ordenó a las filiales de Seadrill que pagaran a SFL aproximadamente 48 millones de dólares en total como compensación, que incluye intereses por pagos atrasados y costos legales, debido al incumplimiento del contrato en el momento de la devolución de la plataforma.
La sentencia es susceptible de apelación por ambas partes, con un plazo hasta el 5 de marzo de 2025. La empresa revisará detenidamente los detalles del fallo del tribunal.
SFL (NYSE: SFL)는 오슬로 지방법원에서 Seadrill 자회사와의 법적 사건에 대해 유리한 판결을 받았습니다. 이번 논쟁은 2022년 12월 SFL에 대해 굴착 장비 Hercules가 재인도된 후 발생했습니다. 법원은 Seadrill 자회사에 대해 장비 재인도 시 계약 위반으로 인해 약 4800만 달러의 총 보상금을 SFL에게 지급하도록 명령했습니다. 여기에는 지연 지급 이자와 법적 비용이 포함됩니다.
이 판결은 양측 모두 항소할 수 있으며, 항소 기한은 2025년 3월 5일입니다. 회사는 법원의 판결 세부 사항을 신중히 검토할 것입니다.
SFL (NYSE: SFL) a reçu un jugement favorable du Tribunal de district d'Oslo dans son affaire juridique contre les filiales de Seadrill. Le litige est survenu suite à la restitution de la plateforme de forage Hercules à SFL en décembre 2022. Le tribunal a ordonné aux filiales de Seadrill de verser à SFL environ 48 millions de dollars en compensation totale, qui inclut des intérêts de retard et des frais juridiques, en raison d'une violation de contrat lors de la restitution de la plateforme.
Le jugement est susceptible d'appel de la part des deux parties, avec une date limite fixée au 5 mars 2025. L'entreprise examinera attentivement les détails du jugement du tribunal.
SFL (NYSE: SFL) hat ein günstiges Urteil des Osloer Amtsgerichts in seinem Rechtsstreit gegen die Tochtergesellschaften von Seadrill erhalten. Der Streit entstand nach der Rückgabe der Bohrplattform Hercules an SFL im Dezember 2022. Das Gericht ordnete an, dass die Tochtergesellschaften von Seadrill SFL insgesamt etwa 48 Millionen Dollar als Entschädigung zahlen müssen, was Zinsen für verspätete Zahlungen und Rechtskosten aufgrund eines Vertragsbruchs bei der Rückgabe der Plattform umfasst.
Das Urteil kann von beiden Parteien angefochten werden, mit einer Frist bis zum 5. März 2025. Das Unternehmen wird die Einzelheiten des Urteils des Gerichts sorgfältig prüfen.
- Court ruling awards SFL approximately $48 million in compensation
- Successful legal outcome validates SFL's contract breach claim
- Ruling subject to appeal until March 2025, creating uncertainty about final compensation
- Potential for extended legal proceedings if either party appeals
Insights
The Oslo District Court's ruling in favor of SFL marks a significant legal and financial victory, with the court ordering Seadrill subsidiaries to pay
This ruling carries substantial implications for SFL's financial position. With a market capitalization of
The verdict sets an important precedent for the offshore drilling sector, particularly regarding contract enforcement and redelivery obligations. This could strengthen SFL's position in future contract negotiations and potentially influence industry-wide practices in rig leasing agreements. The ruling may also enhance SFL's risk management leverage, potentially leading to more favorable terms or increased security requirements in future contracts.
From a broader industry perspective, this case highlights the robust legal framework protecting vessel owners' interests in the offshore sector. The successful enforcement of contractual obligations could have a ripple effect, potentially leading to stricter compliance with redelivery terms across the industry and more detailed attention to contractual obligations in similar agreements.
SFL Corporation Ltd. ("SFL" or the “Company”) (NYSE: SFL) today received the ruling delivered by the Oslo District Court regarding the legal case between SFL’s rig-owning subsidiary and subsidiaries of Seadrill Ltd. (“Seadrill”) following the redelivery of the drilling rig Hercules to SFL in December 2022.
The court today issued a judgment in favor of SFL’s subsidiary where certain subsidiaries of Seadrill were ordered to pay SFL an amount equivalent to a total of approximately
We will carefully review the details of the court’s judgment and note that the ruling is subject to appeal from both sides by March 5, 2025.
February 5, 2025
The Board of Directors
SFL Corporation Ltd.
Hamilton, Bermuda
Investor and Analyst Contacts:
Espen Nilsen Gjøsund, Vice President - Investor Relations, SFL Management AS
+47 47 50 05 00
Aksel Olesen, Chief Financial Officer, SFL Management AS
+47 23 11 40 36
Media Contact:
Ole B. Hjertaker, Chief Executive Officer, SFL Management AS
+47 23 11 40 11
About SFL
SFL has a unique track record in the maritime industry and has paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The Company’s fleet of vessels is comprised of tanker vessels, bulkers, container vessels, car carriers and offshore drilling rigs. SFL’s long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time. More information can be found on the Company's website: www.sflcorp.com
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although SFL believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions in the seaborne transportation industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, including shifts in consumer demand from oil towards other energy sources or changes to trade patterns for refined oil products, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods, technological innovation in the sectors in which we operate and quality and efficiency requirements from customers, increased inspection procedures and more restrictive import and export controls, changes in the Company’s operating expenses, including bunker prices, dry-docking and insurance costs, performance of the Company’s charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, and timely delivery of vessels under construction within the contracted price, governmental laws and regulations, including environmental regulations, that add to our costs or the costs of our customers, potential liability from pending or future litigation, potential disruption of shipping routes due to accidents, political instability, terrorist attacks, piracy or international hostilities, the length and severity of the ongoing coronavirus outbreak and governmental responses thereto and the impact on the demand for commercial seaborne transportation and the condition of the financial markets, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission. SFL disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
FAQ
What compensation did SFL win in the Seadrill legal case?
When can the Oslo District Court ruling for SFL be appealed?
What caused the legal dispute between SFL and Seadrill?
When was the drilling rig Hercules returned to SFL ?
