Gulating Court of Appeal judgement in the case between Prosafe and Westcon
Reference is made to press release dated 8 March 2018 in which Prosafe informed that the Stavanger District Court issued its judgement in favour of Prosafe in respect of the dispute between Westcon Yards AS (Westcon) and Prosafe relating to the conversion of the Safe Scandinavia into a tender support vessel.
The Stavanger District Court decided in 2018 that Westcon must pay Prosafe NOK 344 million plus interest and NOK 10.6 million in legal costs. Westcon filed an appeal, and Prosafe filed a counter appeal on 28 May 2018.
The Gulating Court of Appeal has today decided that Prosafe shall pay to Westcon NOK 302,510,457 plus interest and legal costs, in total about NOK 465 million.
The judgement implies full payment to Westcon of the amount claimed.
Compared to the judgement in the first instance by the Stavanger District Court, the result in the Gulating Court of Appeal is a complete reversal of the result.
A judgement from a Court of Appeal is usually final, as the possibilities of further appeal are very limited.
“We take note of the extremely disappointing and surprising judgement from the Gulating Court of Appeal. It is difficult to understand how two courts can reach such complete opposite results” , says Jesper K. Andresen, CEO of Prosafe.
Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com
Stavanger, 15 April 2021
For further information, please contact:
Jesper K. Andresen, CEO
Phone: +47 51 65 24 30 / +47 907 65 155
Stig Harry Christiansen, Deputy CEO and CFO
Phone: +47 51 64 25 17 / +47 478 07 813
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.