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Sembmarine's yard unit terminates jack-up rig contracts
MAINBOARD-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 Kuala Lumpur-listed Perisai Petroleum Teknologi Bhd.
Sembmarine said in a disclosure after Thursday trading close that the contracts for the pair of jack-up rigs were terminated after the expiry of existing deferment agreements with the rig-owners.
Sembmarine added that it will continue to actively market the rigs to prospective buyers.