OIL RIG DISPUTE
January 1st, 2004
BY PHILIP FINE
US shipyard company First Wave Marine has settled a dispute with Malaysian drilling rig owner Crest Petroleum Bhd. In 2002, First Wave subsidiary Newpark Shipbuilding had been contracted to convert a Crest rig to a self-erecting tender-assist rig, but work stopped over a payment dispute, claimed Newpark. Crest has agreed to pay First Wave US$8,569,900.
ENDS
US shipyard company First Wave Marine has settled a dispute with Malaysian drilling rig owner Crest Petroleum Bhd. In 2002, First Wave subsidiary Newpark Shipbuilding had been contracted to convert a Crest rig to a self-erecting tender-assist rig, but work stopped over a payment dispute, claimed Newpark. Crest has agreed to pay First Wave US$8,569,900.
ENDS
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