Corporate digest

Sembcorp Marine

SEMBCORP Marine has been informed by Sete Brasil that its shareholders had on April 20 approved a resolution for Sete Brasil to file for a judicial recovery. The firm said it has commenced arbitrary proceedings against various subsidiaries of Sete Brasil to preserve its interests under the contracts; these are seven contracts for the construction of drillships secured by its various subsidiaries from Sete Brasil's various subsidiaries.

"Sembcorp Marine continues to closely monitor the situation and evaluate the implications," it said, adding that the group made provisions of S$329 million in the last financial year for the Sete contracts which are sufficient under the present circumstances. The group has a healthy order book with a good pipeline of projects, and believes it has sufficient resources to deal with the current challenges, it added.