PetroProd Placed Under Provisional Liquidation in Cayman Islands

SembCorp Marine
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SembCorp Marine wishes to announce that its wholly owned subsidiary, Jurong Shipyard Pte Ltd, has received notice that PetroProd Ltd is placed under provisional liquidation in the Cayman Islands.

PetroProd Ltd is the parent company of PetroProd D&P I Ltd which has contracted with Jurong Shipyard to build an MSC CJ70 jackup drilling rig, and PetroProd 1 Ltd which has contracted with Jurong Shipyard to convert an existing tanker into an FPSO. Jurong Shipyard is liaising with the provisional liquidators to obtain more information.

Based on best known information, this event is unlikely to have any material impact on the two contracts. SembCorp Marine will make the update as and when necessary.