Sembcorp Marine loses in court over breach of contract

It now seeks legal advice regarding appealing the decision in the case against PPL Holdings.

In 2010 Sembcorp Marine Ltd asked the High Court to rule that the Joint Venture Agreement between them and PPLH dated 9 April 2001 is no longer in force, to direct PPL Holdings and E-Interface to transfer the remaining 15% of the shares in PPL Shipyard Pte Ltd to Sembcorp Marine against payment of the sum of S$59,433,522, and to order payment of damages for disclosing or causing to disclose confidential information of PPL Shipyard to Yangzijiang Shipbuilding (Holdings) Ltd in breach of the JVA.

Meanwhile Sembcorp Marine said the unfavourable outcome is not expected to have any material impact on the company’s net tangible assets and earnings per share for the year ending 31 December 2012.