Sembcorp Marine says terminates a rig contract

Reuters - Wednesday, September 2

SINGAPORE, Sept 1 - Sembcorp Marine said on Tuesday its subsidiary Jurong Shipyard Pte Ltd has terminated its contract with Petroprod D&P I Ltd for the construction of a jack-up rig as payments due under the contract were not received.

The company did not give the value of the contract in a statement to the Singapore bourse, but said there were buyers who had shown interest and it was confident it would be able to receive the amount it should have earned from the sale of the rig.