Transocean settles drilling contract dispute with Eni –

Offshore driller Transocean has announced that a subsidiary of the company has entered into a settlement agreement and mutual release with Eni for the settlement of disputes related to drilling services provided by the drillship Deepwater Pathfinder

The drillship was chartered to Eni from early 2011 under a five-year contract and Eni unilaterally terminated the contract in 2014, citing ship equipment issues.

Under the settlement agreement, the two parties agreed to dismiss with prejudice its respective claims and the related lawsuits filed against the other party in connection with the disputes and they agreed to pay their own fees and legal costs associated with the disputes.

Additionally, Eni has reactivated Transocean Offshore and its affiliates as a fully qualified worldwide vendor with eligibility for the group’s future tenders worldwide and Eni agreed to pay to Transocean Offshore $185m in four installments.

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