Seatrium JV to Appeal Singapore Court Ruling on Standby Letter of Credit Dispute

MT Newswires

2024/11/28

Seatrium updated on a legacy litigation involving a majority-owned joint venture, according to a Wednesday filing on the Singapore Exchange.

The dispute, stemming from a rig contract with a customer, includes a $126.6 million standby letter of credit issued by Seatrium.

In September 2022, the customer sought to call on the standby letter of credit, but the Seatrium JV obtained an interim injunction to block the payment.

On Nov. 26, the Singapore Court dismissed the Seatrium JV's application for a final injunction. The company plans to appeal, with the interim injunction remaining in place until the appeal's outcome.

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