Jurong Shipyard Receives Notification of Legal Action Taken by PetroRig
Sembcorp Marine announced that its whollyowned subsidiary Jurong Shipyard Pte Ltd ("JSPL") has today received notification of an application filed by PetroRig I Pte Ltd before the bankruptcy courts in New York seeking a Preliminary Injunction restraining JSPL from selling the rig. The application is fixed for hearing today at 1000 hours New York time.
JSPL has sought and obtained legal advice and will vigorously resist this application fixed for hearing in New York. JSPL has also received a copy of the Complaint filed by PetroRig I Pte Ltd seeking protection under US Chapter 11 procedure. JSPL is advised that this application is without merit and it will resist this action on various grounds, including the jurisdiction of US Bankruptcy Courts over a company incorporated in Singapore.
SCM will make the necessary announcement at the appropriate time of the development of the proceedings.
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