You are here

Marco Polo to cancel rig contract with SembMarine unit

Company said it's seeking refund of 10% deposit after 'cracks were detected in jack-up rig during two tests'

BT_20151118_RIG_1981318.jpg
Rigzone data shows 111 jack-up rigs have been commissioned for construction in Singapore and China.

Singapore

MARCO POLO Marine is set to terminate a newbuild contract valued at US$214.3 million for a jack-up rig under construction at Sembcorp Marine's 85 per cent-owned PPL Shipyard.

Citing cracks found in all three legs of the jack-up rig, Marco Polo said in a stock exchange