Marco Polo Drilling to withdraw claims against Sembcorp Marine in dispute

Marco Polo Drilling will withdraw its claims in the arbitration.

Sembcorp Marine (Sembmarine) updated its contractual dispute with Marco Polo Drilling (MPD) after the two have been called into arbitration proceedings in 2016.

According to an announcement, Sembmarine, through a subsidiary, entered an into a settlement agreement on a without admission of fault with MPD and Marco Polo Marine (MPM).

As a consequence, the two agreed to go in favour of Sembmarine for its claim in the arbitration proceedings. MPM and MPD will also withdraw their claims against the former.

Sembmarine said the dispute started when MPD failed to pay US$21.43m, or 10% of the contract price, for a second disbursement before the 30 November 2015 deadline.