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01-12-2015, 04:29 PM
(26-11-2015, 03:26 PM)thor666 Wrote:(26-11-2015, 02:36 PM)Ray168 Wrote:Based on the reading of the announcement, it does not seem that MP had tried to settle this dispute amicably or reach out of settlement process. My gut feel is that Semb marine has some leverage in this spat. But lose-lose for both (lawyers laughing their way to the bank).(26-11-2015, 02:14 PM)cfa Wrote:(26-11-2015, 10:54 AM)desmondxyz Wrote: http://infopub.sgx.com/FileOpen/Update_b...eID=379823
Seems like Marco Polo having some cash flow issue and unable to pay the 2nd payment for the rig. According to sembmar update, the 2nd payment already been deferred twice as requested by Marco Polo......
Based on what SM presented , MP has a weaker case to cancel the rig order . MP seems doomed .
MP announcement. http://marcopolo.listedcompany.com/newsr...RTYG.1.pdf
Who is right or wrong... yet to be seen.
(not vested. Kaypoh vb [emoji14] )
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UPDATE ON TERMINATION OF THE US$214.3 MILLION RIG CONSTRUCTION CONTRACT WITH PPL SHIPYARD PTE LTD FOR THE CONSTRUCTION OF A HIGHSPECIFICATION JACK-UP RIG
- Marco Polo Drilling (I) Pte. Ltd. Maintains Its Position That It Is Fully Discharged Of Its Obligations To Take Delivery Or Make Further Payment To PPL Shipyard Pte Ltd In View Of The Latter’s Failure To Comply With Certain Of Its Material Contractual Obligations
- 70 Cracks Found On All Three Legs Of The New Rig In First Test And More Than 180 New Cracks (Not Including Other Defects) Found In Partial Second Test
http://marcopolo.listedcompany.com/newsr...PKED.1.pdf