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EMS Energy gets termination notice from Jurong Shipyard on S$1.1m contract
EMS Energy said its wholly-owned unit received a letter on Friday from Jurong Shipyard Pte Ltd (JSPL) on the termination of a S$1.1 million contract.
JSPL has also made a claim under a bank guarantee furnished by EMS Energy Solutions (EES) to JSPL for the sum of SGD110,000, according to the firm in an announcement to the Singapore Exchange.
To date, the company said EES has received S$330,000 in progressive milestone payment from Jurong Shipyard under the contract for the supply, supervision of installation, testing and commissioning of the anchor winch system package.
As the termination letter may impact the proposed schemes of arrangement filed with the High Court of Singapore on Sept 28, 2016, EMS Energy said it will seek legal advice in relation to its recourse against JSPL including compensation for components/goods that had been delivered under the contract and the claim for compensation for non-performance from the sub-contractors that EES has engaged.