Hicks Thomas Wins Over $176 Million for Offshore Drilling Contractor in International Arbitration
Hicks Thomas LLP congratulates its team of litigators for successfully representing one of the world’s leading offshore drilling contractors in arbitration against two of the largest oil companies in the world. On June 10, 2015, a three-member panel of arbitrators awarded our client over $176 million, including over $30 million in interest and $9 million in fees and expenses.
The dispute arose after the assignee of an offshore drilling contract refused to assume and perform the drilling contract in the wake of the Macondo disaster in 2010, claiming the drilling rig and its personnel were unsafe and unfit, and the original contracting party refused to resume its performance of the contract after the assignee’s breach. Our client demanded arbitration against both oil companies, seeking unpaid day rate under the drilling contract. After nearly five years of litigation and arbitration, and a three-week arbitration hearing, the arbitrators unanimously awarded our client everything it asked for, with interest.
The Hicks Thomas team was led by partners Gregg Laswell and Allen Rustay and included partner John Deis, senior counsel Stephen Barrick, and associates Angela Webster and Kelsey McDowell.