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'
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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Stocks to watch: DBS, KIT, Clint, Elite Commercial Reit
Booking says room reservations to slow amid Middle-East conflict
CapitaLand India Trust to acquire 2.5 million sq ft of IT buildings in Hyderabad
Block raises annual forecast on resilient consumer spending
Live Nation’s revenue beats estimates as boom in concerts drive ticket sales
Apple profit ebbs as iPhone sales under pressure