WesternGeco cancels newbuild contract

WesternGeco has canceled the charter party and all related agreements with Petroleum Geo-Services and Arrow Seismic Invest III for newbuild 533.

Offshore staff

OSLO -- WesternGeco has canceled the charter party and all related agreements with Petroleum Geo-Services and Arrow Seismic Invest III for newbuild 533.

As a consequence, Arrow has formally notified the Factorias Vulcano shipyard in Spain that it reserves the right to cancel the shipbuilding contract for the vessel and call upon a $56-million refund, as set out in the agreement.

08/03/2009

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