Tullow Oil to pay partner's share of Ghana court costsStaff Writer | July 18, 2018
Tullow Oil lost out to Kosmos Energy in an arbitration case and has been ordered to pay at least an extra $50.8m (£38.8m) of costs from terminating a drilling contract two years ago.
Africa Tullow Oil will pay an extra $50.8m
Tullow said after that judgment that it expected to pay $140m (£106m), having set aside $128m to cover the potential cost.
But on Wednesday the FTSE 250-listed company confirmed that a panel of arbitrators for the International Chamber of Commerce had decided in favour of Kosmos, which had argued that it was not liable for its $50.8m share of the costs.
The tribunal's award, which also provides that Tullow is due to reimburse Kosmos for some of its legal and rig demobilisation costs, is final and binding. ■