Sembcorp Marine says it has started arbitration proceedings against Sete Brasil to preserve the group’s interests under the Sete contracts.
The move comes after shareholders of Sete Brasil on Wednesday approved a resolution for the latter to file for a judicial recovery.
Sembcorp Marine says it continues to closely monitor the situation and evaluate the implications.
“The group has in the last financial year made provisions for $329 million for the Sete contracts. We believe that the provisions are sufficient under the present circumstances,” says Sembcorp Marine in an SGX filing at 9.52pm.
The group adds that it has a healthy order book with a good pipeline of projects and has sufficient resources to deal with the current challenges.
Sembcorp Marine closed 1.6% lower at $1.84.
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
The move comes after shareholders of Sete Brasil on Wednesday approved a resolution for the latter to file for a judicial recovery.
Sembcorp Marine says it continues to closely monitor the situation and evaluate the implications.
“The group has in the last financial year made provisions for $329 million for the Sete contracts. We believe that the provisions are sufficient under the present circumstances,” says Sembcorp Marine in an SGX filing at 9.52pm.
The group adds that it has a healthy order book with a good pipeline of projects and has sufficient resources to deal with the current challenges.
Sembcorp Marine closed 1.6% lower at $1.84.
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
0 comments:
Post a Comment