Norwegian court orders Seadrill to pay SFL about NOK 525 million over rig dispute
SFL Corporation’s rig‑owning subsidiary won a unanimous judgment from Norway’s Borgarting Court of Appeal that Seadrill breached the contract for the Hercules drilling rig. The court ordered Seadrill to pay roughly NOK 525 million, including compensation, accrued interest and full legal costs. The decision largely confirms a February 2025 Oslo District Court ruling. Either side can request leave to appeal to Norway’s Supreme Court within one month after the judgment is served.
Why it matters
The award adds approximately NOK 525 million (about $55 million) to SFL’s balance sheet, strengthening its financial position and supporting its chartering portfolio. The ruling may also set a precedent for future offshore rig contracts in the sector.
Key facts
- 1The Borgarting Court of Appeal issued a unanimous judgment in SFL’s favour against Seadrill subsidiaries. stocktitan.net
- 2Seadrill was ordered to pay about NOK 525 million, roughly $55 million, to SFL’s subsidiary. stocktitan.net
- 3The payment includes compensation, late‑payment interest and full reimbursement of SFL’s legal costs. finance.yahoo.com
- 4The judgment largely upholds the Oslo District Court’s February 2025 decision. finance.yahoo.com
- 5Each side can seek leave to appeal to Norway’s Supreme Court within one month after the judgment is served. stocktitan.net
- 6The dispute concerned the condition of the Hercules offshore drilling rig when it was returned in December 2022. stocktitan.net
Summary written by AlphAI AI Desk from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.