Seatrium Limited (formerly SembCorp Marine and KOM)

(27-11-2015, 08:55 PM)GPD Wrote: If court rules in SMM favour, MPM bankrupt unless some banks willing to loan?

SMM salesmen already relax liao since their bonuses in the bag liao...

Now SMM holders will have to bear customer risks since no bankers will be willing to finance a sinking ship...

As expected, Sembmarine has just announced Profit guidance for Q4, net loss

http://infopub.sgx.com/Apps?A=COW_CorpAn...00faee26be

Getting more and more interesting.....

PPL Shipyard Pte Ltd (“PPLS”) has on 1 December 2015 served a termination notice on Marco Polo  Drilling  (I)  Pte  Ltd  (“MPD”)  terminating  the  contract  after  MPD  failed  to  pay  the  2nd disbursement of 10% of the contract price (US$21.43 million) by 30 November 2015 (the “2nd Disbursement”).


http://infopub.sgx.com/FileOpen/Update_o...eID=380875

(02-12-2015, 12:07 AM)desmondxyz Wrote: Getting more and more interesting.....

PPL Shipyard Pte Ltd (“PPLS”) has on 1 December 2015 served a termination notice on Marco Polo  Drilling  (I)  Pte  Ltd  (“MPD”)  terminating  the  contract  after  MPD  failed  to  pay  the  2nd disbursement of 10% of the contract price (US$21.43 million) by 30 November 2015 (the “2nd Disbursement”).


http://infopub.sgx.com/FileOpen/Update_o...eID=380875

Who actually started the termination first ?

(02-12-2015, 10:28 AM)cfa Wrote:

(02-12-2015, 12:07 AM)desmondxyz Wrote: Getting more and more interesting.....

PPL Shipyard Pte Ltd (“PPLS”) has on 1 December 2015 served a termination notice on Marco Polo  Drilling  (I)  Pte  Ltd  (“MPD”)  terminating  the  contract  after  MPD  failed  to  pay  the  2nd disbursement of 10% of the contract price (US$21.43 million) by 30 November 2015 (the “2nd Disbursement”).


http://infopub.sgx.com/FileOpen/Update_o...eID=380875

Who actually started the termination first ?

Marco Polo started first, claiming there are cracks on the rig and sembmar failed to meet the spec. 
Now Sembmar also terminated the contract claiming Marco Polo failed to pay the 2nd disbursement of 10% of the contract price.

Popcorn ready

The crux would be why fail to pay lor. MP will claim defects, SM will claim unreasonable termination. Winners are the lawyers, losers are the shareholders and the rest of us eat popcorn.

Marco Polo takes rig dispute with SembMarine to mediation stage

02 Dec 2015 09:00



By Tan Hwee Hwee



MARCO Polo Marine said on Monday that its unit MP Drilling has taken its dispute with Sembcorp Marine's PPL Shipyard over a US$214.3 million rig building contract to the mediation stage.

The action was taken on Nov 26, said Marco Polo. This followed MP Drilling's initiation of the contractual dispute resolution process on Nov 24.

"Should PPL refuse to mediate, MP Drilling will proceed to commence arbitration against PPL," Marco Polo said in its Monday announcement.

Marco Polo maintained that MP Drilling has fully discharged itself from taking delivery of or making further payment towards the jack-up rig being built under the contract announced in February 2014 with PPL.

But Sembcorp Marine had in two recent announcements said that the rig was in the final phase of construction and that the termination by MP Drilling was a "repudiatory breach". It also insisted that the contract was still in force and that it was seeking a second payment from MP Drilling.

In its announcement on Monday, Marco Polo said that MP Drilling regards "the nature and number of cracks and other defects (such as porosity) found on all three legs of the new rig at this stage of construction wholly unacceptable".

It said that 70 cracks were found on all three legs of the new rig in the first test in August and that more than 180 new cracks were found in a partial second test subsequently.

Sembcorp Marine had announced that that the contract was still subsisting and that the disputes were technical in nature. It also said that PPL would be inviting MP Drilling to refer the disputes to the Classification Society, whose decision shall be final and binding on the parties as provided for under the contract. "PPL will also be seeking payment of the 2nd disbursement if MP Drilling fails to make payment by 30 November 2015," said Sembcorp Marine.

* This article was published in The Business Times on 01 Dec 2015 and is reproduced here with permission in its entirety.

2 December, 2015 - Broker's Report: SembMarine kept at ‘sell’ by OCBC with $1.79 fair value.
http://www.theedgemarkets.com/sg/article...fair-value

According to MPA, there are 1000 ships at our ports at any one time. Every 2-3 mins, a ship will either enter or leave our port.

Is there still a future for our shipyards as SG is at the southern end of the straits of malacca?

Psa is much stronger than smm and sci financial is also not at best to undertake any rights by smm. The best way out maybe for SCI to sell more shares to temasek to fund any potential right from smm.