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


Hess Corporation v. Stena [2011] EWHC 1340 (Comm)

Mr Justice Burton handed down his judgment today in a dispute between Hess and Stena arising under a 5 year Mobile Offshore Drilling Unit contract as to 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 Judge upheld Hess's arguments.

The judgment is here.

Jonathan Hirst QC represented Hess.