Sembcorp responds to Sete Brasil court action
Sete Brasil has informed Sembcorp Marine that its shareholders have approved a resolution for the company to file for a judicial recovery.
Sembcorp has been working onseven contracts for new drillships awarded by various Sete Brasil subsidiaries.
The Singapore yard has responded by opening arbitration proceedings against these subsidiaries, and continues to monitor the situation and evaluate the implications.
Over the last financial year it has made provisions of S$329 million ($243 million) for the Sete contracts.
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