Back to Sembcorp Marine's History.
Does anyone doubt that Sembcorp Marine didn't learn much from this bloody painful lesson and their future termination clauses are not drafted with extreme caution to avoid another repeated case?
CW8888: 1995 to 2006 . That is more than 10 yrs and 3.3 times the contract value
SembCorp to pay Allseas vessel compensation
(Asia-Pacific) - SembCorp Industries has agreed to pay $424.8 million to Swiss group Allseas to settle more than a 10-year old dispute over the conversion of a vessel into a pipelay vessel.
Allseas had commissioned SembCorp's subsidiary Sembawang Corp Ltd. to convert bulk carrier Solitaire into a pipe lay vessel in 1993.
But it terminated the $142.34 million contract two years later, alleging that SembCorp had failed to complete the work on time.
Both parties then took each other to court and the case has been under arbitration in London since 1995.