Jurong Shipyard Settles Score with PetroRig I in US Bankruptcy Court

Sembcorp Marine

Sembcorp Marine announced that its wholly-owned subsidiary Jurong Shipyard Pte Ltd (Jurong Shipyard) has settled its disputes with the bondholders Norsk Tillitsman and PetroRig I Pte Ltd. This settlement is recorded by the US Bankruptcy Court.

Pursuant to the settlement, Jurong Shipyard will proceed to accept the highest bid which it has obtained through the bidding process it has put in place. This results in Jurong Shipyard being paid the balance of the construction costs, all prolongation costs and all costs and expenses owed to it.

This sale has also been approved by the US Bankruptcy Court.