Sembcorp Marine Dismisses EIG's Allegations on Sete Brasil Investment
Singapore's Sembcorp Marine Ltd. dismissed Wednesday allegations by EIG Management Co. that the latter was misled by the company and its subsidiary Jurong Shipyard Pte Ltd. to invest in Sete Brasil Participacoes SA.
The Singapore-based yard cited a recent media report in which Sembcorp Marine and Jurong Shipyard were named as defendants along with other shipyards and entities following a complaint filed by EIG against Brazil's national oil company Petroleo Brasileiro SA (Petrobras) regarding the investments in Sete Brasil. The investment management firm had said in the article that the entities conspired to induce funds managed by EIG to invest in Sete Brasil.
"Sembcorp Marine Ltd. and Jurong Shipyard Pte Ltd. believe that the allegations against them are entirely without merit and baseless. They have not been served with the proceedings but if served, will rigorosly defend the suit," the company said in a press release, adding that "Sembcorp Marine Ltd. and its group of companies have strong commitment to corporate governance and adhere to highest standards in all its operations."
Sembcorp Marine’s subsidiaries had in 2012 entered into contracts with the subsidiaries of Sete Brasil for the construction of seven drillships.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Singapore's Sembcorp Marine 1Q Profit Slumps 86%, Outlook Subdued (Apr 25)
- Rig Builder Sembcorp Marine 2Q Net Profit Falls 51% (Jul 27)
- Asia Oil, Gas Layoffs Mount as Industry Recovery Stays Elusive (Sep 08)
Company: Jurong Shipyard more info
- NADL, Jurong Shipyard Extend Standstill Agreement for West Rigel (Jun 08)
- Maersk Drilling Acquires Newbuild Jackup from Hercules Offshore for $190M (May 27)
- Sembcorp Marine Dismisses EIG's Allegations on Sete Brasil Investment (May 25)