Korean shipbuilder successfully arbitrates claims against buyers over sale of two 7th generation ultra-deepwater drillships

Client(s) Major Korean shipyard

Jones Day successfully represented a leading Korean shipyard in two arbitrations arising out of the cancellation of two resale contracts for 7th generation ultra deepwater drillships. The shipyard commenced proceedings in 2021 after the buyers purported to terminate the contracts and called on the refund guarantees. The yard prevailed in the first phase of the arbitration on the question of whether the buyers were entitled to terminate the resale contracts when they did, and further prevailed against an attempt by the buyers to have the awards set aside in the Technology & Construction Court.