Awilco Drilling is giving up in its fight to ditch a rig newbuilding at Keppel Corp.
The Oslo-listed company has been attempting to terminate its contract with the Singaporean shipbuilder for nearly three years for alleged contract breaches, but lost an arbitration award in April.
In a stock exchange filing on Thursday, Awilco Drilling said it will not push further.
“Although disappointed with the ruling, [the company] has determined that no appeal will be
made,” the company said in the filing.