SembMarine terminates two rig contracts worth over US$400m

Singapore

LISTED yard group Sembcorp Marine's wholly owned subsidiary PPL Shipyard has terminated two jack-up rig building contracts, each valued in excess of US$200 million, with the subsidiaries of Malaysia-listed Perisai Petroleum Teknologi Bhd.

SembMarine said after market closure on Thursday that the contracts for the pair of jack-up rigs were terminated after the expiry of existing deferment agreements with the rig-owners, which are subsidiaries of Perisai, a financially distressed oilfield services group.