ME-Chinese Group Cancels $24M Jackup Design, Engineering Deal with SBI
Singapore-listed engineering, fabrication and equipment solutions provider SBI Offshore Limited (the Company and together with its subsidiaries, the Group) referred Thursday to the Company’s announcement Aug. 19, 2014 in respect to the $24 million design and engineering contract (the Contract) between SBI O&M Pte. Ltd. (SBI O&M), a wholly-owned subsidiary of the Company, and a consortium of six Middle East-Chinese parties (the Consortium).
SBI O&M has received a notice of request for termination in respect of the Contract from the Consortium in view of the downturn in the offshore and marine industry due to the sharp fall in oil prices.
The Company will make the appropriate announcement as and when there are material developments on this matter.
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