Date: 30 April 2009
Claim against TTS
TTS published yesterday its suspension of work related to rig no. 3
and rig no. 4. Ability Drilling disputes the lawfulness of the
suspension and refers to the fact that economic liabilities are
fulfilled and that the company nevertheless has right to set off
against claim for damages of NOK 140 millioner. TTS was notified of
the right to cancellation of rig no. 2 on 9 April, but the
announcement was agreed postponed during negotiations.
The TTS Marine group has provided a Parent Company Guarantee, hence
TTS Marine Group is responsible for the deliveries. This was a
prerequisite for Ability Drilling when deciding to continue the
delivery program.
Ability Drilling is sorry to conclude that all deliveries from TTS
have been delayed and none of the four 250T rigs are functioning in
accordance with the contracts. TTS has received more than NOK 400
million in milestones payments for these rigs.
The Board of Directors in Ability Drilling evaluates cancellation of
rig no. 5-9.
An immediate downscaling of operation, together with sale of excess
assets, will secure liquid assets for ongoing business in Ability
Drilling.
For full story of TTS delays, see webcasted presentation at 11:30
hours on the company's website: www.ability-drilling.no.
For further information, please contact:
CEO Hans Petter Eikeland, phone +47 56 32 43 43, or +47 93 20 81 77
Chairman of the Board : Geir Nordahl-Pedersen, phone +47 901 401 30
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