Litigation funder defeated in first case of its kind brought against a UK stock market
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....
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