Marco Polo Marine loses Hallin Marine contractYard News // March 23, 2009
Hallin Marine's shipbuilding contract at Marco Polo Marine shipyard has been cancelled.
Said Marco Polo Marine: "Pursuant to the announcement made on 7 October 2008 by Marco Polo Marine Ltd in connection with the S$74.5 million contract entered into between the company’s wholly owned subsidiary, Bina Marine Pte Ltd, and Hallin Marine Subsea International for the construction of a DP2 subsea operations vessel, the Board of Directors of the Company would like to inform that the contract has been discontinued on mutual consent as certain pre-completion conditions to the contract have not yet been fulfilled."
"Notwithstanding the discontinuance, Bina Marine and Hallin Marine are reviewing their respective options in the light of the world current economic turmoil, including the possible re-negotiation on the contract should the conditions concerned be met."
"As the necessary construction activities for the contract have yet been commenced, the discontinuance of the contract has no material financial impact on the financial performance of
the company and its subsidiaries."