Akastor ASA: Notice to suspend project received

OSLO, Norway, Dec. 11, 2020 /PRNewswire/ -- MHWirth AS ("MHWirth"), a company owned by Akastor ASA, has received a notice from Keppel FELS to suspend works under the drilling equipment package project for the second mid water semisubmersible drilling rig under construction at Keppel FELS. The project relates to the main construction contract between Keppel FELS and Awilco Drilling, which was recently terminated by Keppel FELS.

The contract between MHWirth and Keppel FELS was signed in April 2019 (ref. Akastor press release 11 April 2019) and includes rights for the yard to suspend the project including compensation mechanisms in relation thereto. The majority of MHWirth's scope of supply for the project has been substantially manufactured, with payments received in accordance with progress to date.

For more information, please contact:

Øyvind Paaske
Chief Financial Officer
Mobile: +47 917 59 705
E-mail: oyvind.paaske@akastor.com

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