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Enterprise considers appeal as it loses cancellation case.
(From Lloyds List)
A claim of $25m by Enterprise Oil against captive insurer Strand Insurance Company was dismissed by the commercial court in London last week, writes Sandra Speares.
At issue was the cancellation of the charter of drilling rig Rowan Gorilla V by Amoco and its partners, including Enterprise.
The claim by Enterprise was for money paid by the company, now part of Shell, as part of a settlement of proceedings brought by Rowan Companies, the owner of the rig.
The claim was defended by the captive's reinsurers led by the Catlin Syndicate.
Rowan was awarded $73.4m plus GBP9.7m ($17m) in costs, of which Enterprise's share was about $20m, in the High Court in 2001 after arguing that the rig contract had been cancelled unlawfully, according to Barlow Lyde ' Gilbert, which acted for the insurers and reinsurers.
Rowan also pursued tort claims in Texas, which were settled in March 2002, with Enterprise's share being $25m.
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