Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/contracts_world/pacific-drilling-rescinds-pacific-zonda-constructi.shtmlPacific Drilling rescinds Pacific Zonda construction contract
Pacific Drilling S.A. has exercised its right to rescind the construction contract for ultra-deepwater drillship Pacific Zonda due to the failure
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Pacific Drilling S.A. has exercised its right to rescind the construction contract for ultra-deepwater drillship Pacific Zonda due to the failure by Samsung Heavy Industries (SHI) to timely deliver a vessel that substantially meets the criteria required for completion of the vessel in accordance with the construction contract and its specifications.
Pacific Drilling made advance payments totaling approximately $181.1 million under the contract, and will be seeking a refund of the installment payments.
