Tullow Oil Says Panel Of Arbitrators Delivers Award In Favor Of Kosmos Energy

(RTTNews) - Tullow Oil plc (TLW.L) said that a panel of arbitrators, working under the jurisdiction of the International Chamber of Commerce, has delivered an award in favor of Kosmos Energy Ghana HC in relation to its dispute with Tullow Ghana Limited, regarding its share of the liability of costs related to the West Leo rig beyond 1 October 2016. The tribunal's award is final and binding.

As a result, Kosmos is not liable for its share of costs, being $50.8 million, arising from the recent case in the English Commercial Court brought by Seadrill Ghana Operations Ltd against Tullow.

The arbitration award also provides that Tullow is due to reimburse Kosmos for some of its legal and rig demobilisation costs.