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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.
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| Tullow Investor Relations | Camarco (Media) |
|---|---|
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ir@tullowoil.com |
(+44 20 3757 4980) |
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Tullow is an independent energy company that is building a better future through responsible oil and gas development in Africa. Tullow's operations are focused on its core producing assets in Ghana. Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030, with a Shared Prosperity strategy that delivers lasting socio-economic benefits for its host nations. The Group is quoted on the London and Ghanaian stock exchanges (symbol: TLW). For further information, please refer to: www.tullowoil.com.
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