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
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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 of US$21.43 million - 10 per cent of the contract price - by the Nov 30 deadline. PPL's action comes after having earlier rejected MP Drilling's Nov 17 termination of the deal and saying that the contract still subsisted.
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