Marco Polo Marine has obtained a stay of the entirety of the court proceedings instituted by PPL Shipyard against the former for payment under a guarantee.
This follows a legal suit by PPL, which demanded that Marco Polo as the guarantor make immediate payment of the second 10% of a US$214.3 million ($290.5 million) rig construction contract entered between Marco Polo's subsidiary and the former.
Marco Polo's application of stay of the entirety of the court proceedings was granted by the High Court of Singapore on April 22 in favour of arbitration.
The company says arbitration proceedings have already commenced.
In addition, the Court has ordered costs of the application to be paid by PPL to Marco Polo on an indemnity basis.
Marco Polo reiterates that neither the company nor its subsidiary is under any obligation to make the payments claimed by PPL.
It says that under the terms of the guarantee, PPL has no basis to commence legal action against Marco Polo in the Singapore courts.
Marco Polo ended lower at 18.8 cents on Friday.
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This follows a legal suit by PPL, which demanded that Marco Polo as the guarantor make immediate payment of the second 10% of a US$214.3 million ($290.5 million) rig construction contract entered between Marco Polo's subsidiary and the former.
Marco Polo's application of stay of the entirety of the court proceedings was granted by the High Court of Singapore on April 22 in favour of arbitration.
The company says arbitration proceedings have already commenced.
In addition, the Court has ordered costs of the application to be paid by PPL to Marco Polo on an indemnity basis.
Marco Polo reiterates that neither the company nor its subsidiary is under any obligation to make the payments claimed by PPL.
It says that under the terms of the guarantee, PPL has no basis to commence legal action against Marco Polo in the Singapore courts.
Marco Polo ended lower at 18.8 cents on Friday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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