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PPL begins action against Marco Polo in High Court

Marco Polo, guarantor of disputed US$214.3m contract, says no basis for legal action in Singapore courts

Published Wed, Dec 2, 2015 · 09:50 PM

Singapore

SAYING that Marco Polo Marine should fulfil its obligations as guarantor of a US$214.3 million rig-building contract that has now turned sour, Sembcorp Marine said its unit PPL Shipyard has commenced action against the marine logistics player in the Singapore High Court.

The rigbuilder said this in a late announcement on Tuesday, in which it said that PPL had on Dec 1 served a contract termination notice on Marco Polo's unit Marco Polo Drilling (MP Drilling) after the latter failed to make a second disbursement o…