SembMarine in April 2016 had commenced arbitration proceedings against various subsidiaries of Sete Brasil for claims under the contracts. This came after a filing by Sete Brasil for a judicial restructuring in Brazil.
SINGAPORE (Oct 7): After dragging on for some two-and-a-half years, Sembcorp Marine (SembMarine) has finally reached a settlement with Sete Brasil over seven drillship contracts.
The contracts, secured by various SembMarine subsidiaries from Sete Brasil’s subsidiaries, were worth a total of US$5.6 billion ($7.7 billion).
