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Sembcorp Marine reaches settlement with Sete Brasil over drillship contracts

Uma Devi
Uma Devi10/7/2019 05:14 PM GMT+08  • 2 min read
Sembcorp Marine reaches settlement with Sete Brasil over drillship contracts
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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).

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.

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