Brief: Marco Polo Marine updates on termination of contract for oil rig

Marco Polo Marine

24/11/2015 10:01

Nov 24 (Reuters) - Marco Polo Marine Ltd  MAPM.SI : 
 * In view of termination, mp drilling will not be taking delivery of the new rig 
 * Update on termination of US$214.3 million rig construction contract with ppl 
shipyard pte ltd 
 * Update on termination for the construction of a high- specification jack-up 
rig 
 * Says is seeking, among others, a refund from ppl of the initial amount of 10% 
of the contract price (approximately US$21.4 million) 
 * Consequence of termination is that mp drilling is discharged from its 
obligations under the rig construction contract 
 * Contractual dispute resolution process initiated by Marco Polo drilling (i) 
pte. ltd. against ppl shipyard pte ltd 
 * Says mp drilling has, through its legal counsel, initiated the contractual 
dispute resolution process against ppl 
 * Says mp drilling is discharged from its obligations under the rig 
construction contract 
 
 * Source text for Eikon  ID:nSNZ3ZN8H6  
 
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