Wednesday, 18 November 2015

SGX Stock Market News: Marco Polo Marine ended US$214.3 million contract for jack-up rig construction

SGX Stock News: Marco Polo Marine has declared the end of a US$214.3 million contract for a raise rig under development at Sembcorp Marine's 85 percent-claimed PPL Shipyard.

The gathering chose the end taking after PPL Shipyard's inability to conform to sure of its material contractual commitments. In perspective of the end, the gathering won't be taking conveyance of the new apparatus and will be looking for a discount of 10 percent of the agreement cost (roughly US$21.4 million). In a different declaration, Sembcorp Marine has reported the conflict with the affirmations and will view the end as a repudiatory rupture of agreement, and will end the agreement and cases sums due under the agreement against Marco Polo Marine.

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