Legal Victory for SFL Corporation Against Seadrill
John Fredriksen’s SFL Corporation has emerged victorious in a legal battle against offshore driller Seadrill concerning the redelivery of a rig in 2022.
Back in March 2023, SFL filed a lawsuit in the Oslo District Court in Norway, alleging that Seadrill failed to return the bareboat-chartered semisubmersible rig, Hercules, in the agreed-upon condition as per their contract. Seeking damages of approximately NOK300m ($28m at the time), SFL’s claims have now been upheld.
Following the court’s ruling, certain subsidiaries of Seadrill have been ordered to compensate SFL with around $48m, inclusive of late payment interest and legal expenses.
Seadrill, established by Fredriksen in 2005, redelivered the rig in December 2022, with its management subsequently transferred to Odfjell Drilling. Additionally, earlier in February of the same year, SFL had also moved its jackup rig, Linus, to Odfjell Drilling from Seadrill.
It is worth noting that the court’s decision is open to appeal from both parties until March 5, 2025.