SembMarine, Marco Polo headed for long tussle
MP Drilling unilaterally terminates US$214m job over defects and is seeking refund of deposit; PPL says contract still subsists and is calling for second disbursement
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Singapore
SEMBCORP Marine (SembMarine) and Marco Polo Marine could be in for a protracted tussle over a US$214.3 million rig construction contract, which would potentially result in the first cancellation of a jack-up rig building order commissioned to a Singapore-based rig builder during the last rig-building upcycle.
SembMarine's PPL Shipyard is resisting a unilateral contract termination by Marco Polo Marine's unit Marco Polo Drilling (I) (MP Drilling). The jack-up rig contract at the heart of this spat between the two parties was announced in February 2014, towards the tail-end of the rig-building uptick that spanned from the second half of 2010.
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