The Business Times
business-time-50
SUBSCRIBERS

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'

google-preferred-sourceAdd BT as a preferred source
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.

    Marco Polo Marinesembcorp marine

    TRENDING NOW

    US President Donald Trump with President Xi Jinping after a visit to Zhongnanhai Garden in Beijing, on May 15.

    Xi Jinping has just rewritten the rules of US-China rivalry

    The High Court said UOB has taken inconsistent legal positions on late payment charges in mortgage cases.

    High Court raps UOB over inconsistent legal positions on late mortgage payment charges

    Set up by Nichol Ng and her brother, FoodXervices traces its roots to 1934 with the business their grandfather started.

    ‘Whole deck of cards just toppled’: FoodXervices’ Nichol Ng on how a 92-year-old family business unravelled – and what’s next

    Huawei unveiled on Monday a new principle for improving chips, noting the industry can no longer rely mainly on making transistors smaller.

    China’s Huawei reveals chip design breakthrough amid US sanctions

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More