14:48 02.02.2018

Ukraine can sell Russian-seized jack-up rigs to third parties for further recovery through international courts – PGO chief

1 min read
Ukraine can sell Russian-seized jack-up rigs to third parties for further recovery through international courts – PGO chief

 The National Agency of Ukraine for Finding, Tracing and Management of Assets Derived from Corruption and Other Crimes (Asset Recovery and Management Agency, ARMA) can sell jack-up rigs, seized by Russia in Crimea, to third parties for further recovery through international courts, Chief of Ukraine's Prosecutor General's Office (PGO) Yuriy Lutsenko has said.

"We have a decision to impose arrest and transfer two drilling rigs to the Asset Recovery and Management Agency. Of course, they are now in temporarily occupied territories of Crimea. Nevertheless, this does not prevent their legal sale to any willing subject who can then begin the process on their return to ownership or recover funds for their recovery from the lawful owner... Such precedents in judicial and arbitration practice exist, and we will walk this path as well," he said at a briefing in Kyiv on Friday.

As reported, in 2011-2012, PJSC Chornomornaftogaz bought two self-elevating floating drilling rigs, the Petro Hodovanets and the Nezalezhnist, produced by Singapore's Keppel FELS, for about $400 million each.

During occupation of Crimea, Russia seized these jack-up rigs.

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