Sembcorp defends Petrobras contracts

Sembcorp defends Petrobras contracts

Sembcorp Marine has issued a statement defending construction contracts with Petrobras subsidiary, Sete Brasil Participcoes.

The article, published on May 20, 2016 in Upstream, reported that Sembcorp Marine and its subsidiary Jurong Shipyard have been named as a number of defendants in a complaint filed by EIG Management against Petrobras with respect to their investments in Sete.

According to the article, EIG alleged that the defendants conspired to induce funds managed by EIG to invest in Sete Brasil.

Sembcorp Marine’s subsidiaries had entered into contracts with the subsidiaries of Sete for the construction of seven drillships in 2012.

“Sembcorp Marine and Jurong Shipyard believe that the allegations against them are entirely without merit and baseless,” the statement read. “They have not been served with the proceedings but if served, will rigorously defend the suit.”

Petrobras has recently appointed a new CEO after the resignation of Aldemir Bendine. The company is involved in a corruption scandal relating to construction contracts.