Request for appropriate provision for the resolution of Springfield’s outstanding debts to Stena Drilling

Stena Drilling Limited, one of the world’s foremost, independent drilling contractors, and a wholly-owned subsidiary of Stena AB, notes recent media coverage relating to outstanding debts it is owed by a Ghanaian energy company and seeks to clarify the situation.

Stena Drilling holds two London Court of International Arbitration (LCIA) awards against Springfield Exploration and Production Limited and Springfield Energy Limited (together “Springfield”) for unpaid offshore drilling services conducted between September and November 2019 using the ‘Stena Forth’ drilling unit. The Ghanaian courts have recognised both awards, and granted Stena Drilling leave to enforce them as judgements of the court.

Following the Government of Ghana’s recent announcement of a potential State Acquisition of Springfield’s interests in West Cape Three Points Block 2 (WCTP2), located offshore Ghana in the Tano / Western Basin, Stena Drilling wrote to Ghana’s Minister of Energy and Green Transition. Stena Drilling requested that the appropriate provision be made for the resolution of Springfield’s debt to Stena Drilling in such acquisition.

Stena Drilling is well-established as an international drilling contractor in Ghana’s upstream sector, with a significant track record in supporting the country’s energy objectives.

Commenting, Erik Ronsberg, Stena Drilling’s CEO, said:
“Stena Drilling is pleased to clarify its position regarding its engagement with the Ghanaian Government and the outstanding debt owed to Stena Drilling by Springfield for historic drilling rig services. Ghana is widely viewed as an attractive investment jurisdiction for international companies. As part of the State Acquisition of Springfield’s WCTP2 interest, we encourage the government to uphold this hard earned reputation and ensure trust in the jurisdiction is maintained by settling, in full, the debts owed to Stena Drilling.”

KeyFacts Energy Industry Directory: Stena Drilling