A long-standing legal dispute involving a drillship first ordered by an Asian billionaire back in 2011 looks to be finally nearing a conclusion after years of uncertainty.
Shanghai Shipyard and Chinese investment company Reignwood International have resolved an outstanding payment issue under a contract for four Tiger-class drillships, meaning the long-delayed delivery of the first unit can finally take place.
Sources familiar with the matter told Upstream that Reignwood is ready to pay Shanghai Shipyard — now part of the Shanghai Waigaoqiao Shipbuilding (SWS) group — about $100 million to take ownership of the rig, which was completed in 2015 but has been idle for more than seven years.
