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Case Highlights

SEADRILL GHANA OPERATIONS LIMITED v. TULLOW GHANA LIMITED
ENGLAND AND WALES HIGH COURT

Drilling for oil is a risky business. Oil companies seek to protect themselves against the financial consequences of risk by appropriate clauses in their contracts, for example, by a force majeure clause. This case concerns a contract for the hire of an ex pensive oil rig which contained such a clause. During the course of a territorial sea dispute between neighbouring states the arbitration tribunal determining that dispute required drilling to cease in the disputed sea where drilling was to take place....

Article Highlights

Britain issues £500m sovereign sukuk

UK
Islamic finance
UK issues second Sovereign Sukuk
The British government has issued £500 million ($686.85 million) worth of Shariah-compliant sovereign bonds — seven years since it made history as the first country outside the Muslim world to issue a sovereign sukuk. The Treasury said on Thursday that “£500 million of sukuk, the Islamic equivalent of a bond, has been sold to investors based in the UK and in the major hubs for Islamic finance in the Middle East and Asia.”

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Months on from BI ruling, major insurers have paid zero claims

UK
Insurance
Major insurers yet to pay out on pandemic-related BI claims despite SC ruling
Data from the Financial Conduct Authority (FCA) shows that months on from the UK’s legal ruling on business interruption (BI) claims connected to the pandemic, many major insurers have paid out on only a fraction of claims, with some reporting no payments at all. Last week, the UK regulator reported that around £472 million has been paid out so far for claims related to the BI test case, which it first brought forward in May 2020.

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