If ONGC is to cash the bonds, it must first appear in the court and substantiate its claim that Clough is in breach of contract.

Clough chief executive John Cooper welcomed the ruling and reiterated the company’s position that it was not in breach of contract.

“We have been unable to complete our contract work because ONGC has failed to deliver the deepwater activities on the project,” he said.

“Over the past week, we have had further discussions with ONGC in India, and although those meetings failed to result in a settlement, we will continue to put forward our view that a resolution of this dispute is the most beneficial outcome for both parties.”