Bull, Re: Petrodrill Agreement
Extract from Page 20 of the Full filing: freeedgar.com
"In late March 2000, FGOT and Petrodrill reached an agreement, which is subject to various approvals, including that of MARAD and the Boards of Directors of each Company, to further amend the Contracts (the "Amendment No. 2"). Amendment No. 2 will stay the UK action for six months and dismiss the US litigation, with prejudice except as to FGOT's rights to pursue its enumerated claims against Petrodrill for additional compensation in the UK action. Under the Amendment, the delivery dates for the rigs will be extended until August 1, 2001 and November 1, 2001, respectively; Petrodrill will waive all of its claims against FGOT accruing prior to the Amendment, including its right to terminate the Contracts for events occurring prior to the Amendment; total liquidated damages for late delivery beyond the new delivery dates will be capped at $6.6 million for each rig; any future right of Petrodrill to terminate each Contract will accrue only if the respective rig is not delivered within 180 days of its extended delivery date, as such date may be further extended under other contractual provisions; and FGOT will credit Petrodrill up to $2 million per rig against any amounts awarded against Petrodrill, but only to the extent FGOT recovers against Petrodrill. After the six-month stay of the UK action, FGOT intends to vigorously pursue its claims for additional compensation."
Note: History of the Contract is in the annual report. I just pulled out the agreement.
Good Luck
SargeK |
