Source: All England Reporter
Publisher Citation: [2012] All ER (D) 138 (Apr)
Neutral Citation: [2012] EWCA Civ 522
Court: Court of Appeal, Civil Division
Judge:

Rix, Moses LJJ and Briggs J
Representation Jonathan Hirst QC (instructed by White & Case LLP) for the claimant.
  Mark Templeman QC (instructed by Curtis Davis Garrard LLP) for the defendants.
Judgment Dates: 26 April 2012

Catchwords

Contract - Construction - Contractual term - Parties entering into mobile offshore drilling unit contract - Contract providing for invoices to be rendered in United States dollars - Exchange rate falling from date of contract to date of commencement - Dispute arising as to construction of several clauses relating to defendants' remuneration - Defendants arguing exchange rate applying only to variation remuneration since contract agreed - Judge finding remuneration to be determined by exchange rate applicable at time of invoice - Whether judge erring.

The Case

Contract Construction. The Court of Appeal, Civil Division, upheld a decision that, on a proper construction of a mobile offshore drilling unit contract, the exchange rate that had applied to components of operating costs had applied to the whole of those components rather than merely the difference created by the variation between the costs anticipated at the date of the agreement and the costs actually incurred.

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