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Court of Appeal rules on currency conversion issue in a long term mobile offshore drilling unit contract

26/04/12

[2012] EWCA Civ 522

The Court of Appeal today dismissed an appeal by Stena from the decision of Mr Justice Burton in the Commercial Court. The issue between Hess and Stena arose under a 5 year Mobile Offshore Drilling Unit contract and concerned the currency conversion rate to be used when converting sterling into dollars. Hess argued that the current FT rate should be used. Stena contended that a fixed rate of £1=$2 should be used. The Court of Appeal upheld Hess's arguments.

The judgment is here.

Jonathan Hirst QC appeared for Hess, instructed by White & Case.