Discontinuance of a S$74.5 million ship building contract
Posted on 09.04.2009 - 13:00 UTC in GENERAL NEWS by Rons_ROV_Links
Pursuant to the announcement made on 7 October 2008 by Marco Polo Marine Ltd (the "Company") in connection with the S$74.5 million contract entered into between the Company's wholly-owned subsidiary, Bina Marine Pte Ltd ("Bina Marine"), and Hallin Marine Subsea International PLC ("Hallin Marine") for the construction of a DP2 subsea operations vessel (the "Contract"), the Board of Directors of the Company would like to inform that the Contract has been discontinued on mutual consent as certain pre-completion conditions to the Contract (the "Conditions Concerned") have yet been fulfilled.
Notwithstanding the discontinuance, Bina Marine and Hallin Marine are reviewing their respective options in the light of the world current economic turmoil, including the possible re-negotiation on the Contract should the Conditions Concerned be met.
As the necessary construction activities for the Contract have yet been commenced, the discontinuance of the Contract has no material financial impact on the financial performance of the Company and its subsidiaries.