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SembCorp Marine and PetroRig1 reach settlement

SEMBCORP Marine has reached a settlement with PetroRig I and its bondholders, allowing the sale of the semi-submersible rig to proceed. The Singapore yard group said Jurong Shipyard, the builder of PetroRig I, and bondholders Norsk Tillitsman and PetroRig I Pte Ltd, a unit of Petromena, had settled their disputes and this had been recorded by US bankruptcy courts. Jurong Shipyard will now proceed with an ongoing sale of the $454m semi-submersible rig, for which it axed the contract at the end of April after PetroRig I failed to make the final payment. Jurong Shipyard then proceeded to start a tender process to sell the rig. Bondholders Norsk Tillitsman and PetroRig I intervened through the US bankruptcy courts to try and prevent the sale. SembCorp Marine said Jurong Shipyard would now accept the highest bid obtained through the bidding process. The sale will result in the shipyard receiving outstanding construction costs as well as other costs and expenses owed to it.

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