LONDON, Aug. 2, 2019 /PRNewswire/ -- Al-Rushaid Trading Company (part of the Al-Rushaid Group) has issued a claim (CL-2019-000470) in the English High Court in London against Ensco Rowan PLC (NYSE: ESV) (now Valaris Plc) for breach of contract. International financial advisory firm, Capvesco International Group, expects the value of the claim to be in excess of £100 million.
Ensco Rowan PLC is a specialist off-shore oil and gas drilling company created in April this year following the merger of two established companies in the sector: Ensco PLC and Rowan Companies PLC. It now trades on the New York Stock Exchange although its headquarters are in London, UK.
Al-Rushaid Trading Company is a specialist services and applied technology company based in Saudi Arabia. The Al-Rushaid Group has significant holdings in the UK including Amec, Cleveland Bridge Company, Compass UK, Foster Wheeler and Whessoe Oil & Gas.
The claim alleges that Ensco Rowan breached certain obligations in a joint venture agreement which Al-Rushaid Trading Company entered into with Ensco PLC's subsidiary prior to the merger. The joint venture agreement established a joint venture company called Ensco Arabia Limited, which was formed to create an off-shore drilling business in Saudi Arabian coastal waters, securing nine contracts since 2011.
The claim will be heard in the English Commercial Court in London on a date to be determined. Al-Rushaid Trading Company is being represented by Byrne and Partners LLP.
Notes to editors
- Based in South Florida, Capvesco is a diversified international advisory firm serving middle market companies, family owned businesses, family offices and Institutional Investors seeking domestic as well as international investment opportunities and divestiture. A forethought approach combined with timely global and local market information, and a unique combination of resources, experience, and expertise allows Capvesco to provide clients a comprehensive array of strategic advisory and execution capabilities. Further information about Capvesco International Group can be found at: www.capvesco.com.
- Further information about Al-Rushaid Group can be found here: www.al-rushaid.com;
- Further information about Ensco Rowan PLC can be found here: www. enscorowan.com;
For further information, please contact:
Michael Hardware, Chelgate PR London, on +44-20-7939-7939 or +44-7775-925-274 or firstname.lastname@example.org
SOURCE Capvesco International Group, LLC