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Seadrill (OL:SDRL) Ltd (NYSE:SDRL) reported Friday that the High Court of Justice in England and Wales has issued a judgment against the company and a subsidiary in a dispute related to the formation of its Angolan joint venture, Sonadrill. The case, originally filed in March 2023, involved a claim by an individual seeking damages for breach of contract and/or restitution for unjust enrichment amounting to approximately $72 million.
According to Seadrill, the High Court ruled in favor of the claimant on July 11. The parties are currently making further submissions to the court regarding the final calculation of damages. Seadrill stated that it presently estimates its liability will not exceed $53 million, subject to final calculations related to interest. This estimate does not include any potential award of legal fees to the claimant, which the court may determine at a later date.
Seadrill is reviewing the judgment and is considering its options, which include seeking permission to appeal to the Court of Appeal.
The company also disclosed that it expects the financial impact of the judgment to reduce its Adjusted EBITDA for the full year 2025 by approximately $10 million.
This information is based on a statement included in Seadrill’s Form 8-K filed with the U.S. Securities and Exchange Commission.
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