Result of Arbitration with Kosmos Energy

RNS Number : 9582U

Tullow Oil PLC

18 July 2018

 

News Release
 
 

Result of Arbitration with Kosmos Energy

18 July 2018 - Tullow Oil plc (Group) announces that a panel of arbitrators, working under the jurisdiction of the International Chamber of Commerce, has delivered an award in favour 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 beyond 1 October 2016. The tribunal's award is final and binding.

As a result, Kosmos is not liable for its share of costs, being $50.8m, arising from the recent case in the English Commercial Court brought by Seadrill Ghana Operations Ltd (Seadrill) against Tullow. The arbitration award also provides that Tullow is due to reimburse Kosmos for some of its legal and rig demobilisation costs. 

Tullow Oil plc ([phone]) Chris Perry George Cazenove Nicola Rogers

Notes to Editors              

Tullow Oil plc

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW). The Group has interests in over 85 exploration and production licences across 16 countries which are managed as three business delivery teams: West Africa, East Africa and New Ventures.

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