Credit: nazlins/Adobe Stock Singapore's State-Owned Marine Unit Ordered to Pay $108M in Arbitration, Embroiled in Corruption Investigation
Seatrium will pay $108 million to MHWirth while separately embroiled in a $110 million corruption investigation.
April 22, 2024 at 09:54 PM
2 minute read
A unit for Singapore state-owned and Singapore-listed offshore and marine company Seatrium Ltd. has been ordered to pay $108 million to MHWirth, a wholly owned subsidiary of American drilling services provider HMH, which partly belongs to Norwegian oil-services investment company Akastor ASA.
The ruling, which was made by a tribunal operating under the rules of the Singapore International Arbitration Centre, comprised $101 million in vendor termination fees, and $7 million for ancillary, and legal and arbitration proceeding fees. The tribunal has also awarded interests which will be calculated in due course, according to a Stock Exchange filing by Seatrium, formerly known as Sembcorp Marine.
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