Post by
radcat on Jun 29, 2015 11:49am
Northern Offshore Agreement
I called Investor Relations since today's N/R was really vague....
The lawsuit we had with Northern Offshore and their counter suit ended in a draw. Northern came to realise they weren't delivering the results they were contractually hired to do, and recognise Erin has an obligation to their shareholders and hired RIG to deliver the goods instead. Nice to see this issue is over with and will not be an indefinite thorn in Erin's side.
From IR: "Pursuant to the terms of the agreement with Northern, no monies were, or will be paid, by either party to the other; each party bore its own legal fees; and, each party shared equally in the arbitration costs.
We are very satisfied with this agreement and is the outcome we expected. If you read Northern’s announcement, it says essentially the same thing. An 8K filing will also be filed this week regarding the settlement".