sembcorp marine

Court Issues Unfavorable Judgement on Sembcorp’s Claims Against Fellow Singaporean Rig Builder

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May 31, 2012

sembcorp marineSINGAPORE (Dow Jones)–Sembcorp Marine Ltd. (S51.SG) said Thursday the Singapore High Court has issued an unfavorable judgment on its lawsuit against PPL Holdings Pte. Ltd., and the world’s second-biggest rig builder by volume is seeking legal advice with a view to appeal the decision.

Sembcorp Marine didn’t give details of the lawsuit in a statement to Singapore Exchange. In April 2010, PPL Holdings had rejected a S$59.4 million offer from Sembcorp Marine to buy the 15% stake in PPL Shipyard that it doesn’t already own, which led Sembcorp Marine to file the lawsuit in the following month.

According to a company statement on May 15, 2010, Sembcorp Marine had asked for a court ruling that would render its current joint venture agreement with PPL Holdings “no longer in force” and require the company to sell its minority stake in the venture to Sembcorp Marine.

-By Gaurav Raghuvanshi, Dow Jones Newswires

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