SINGAPORE (Nov 18): Maybank Kim Eng is concern that Sembcorp Marine’s bottom line may come under pressure, following a contract termination announced by Marco Polo Marine on late Tuesday.

Marco Polo Drilling, a subsidiary of Marco Polo Marine, issued Sembcorp Marine’s PPL Shipyard a notice to terminate the contract to build a high-specification jack-up rig. This morning, the latter has denied receiving it.

Maybank Kim Eng says Sembcorp Marine should have recognised a “large part” of this contract given that it was due for end-2015 delivery.

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