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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'

Published Tue, Nov 17, 2015 · 09:50 PM

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 announcement a decision was made to terminate the contract.

The cracks were detected in the jack-up rig during two tests, notwithstanding repair works carried out by PPL after the fir…