The two parties entered into a US$214.3 million rig construction contract in February 2014, but Marco Polo Marine said yesterday its subsidiary MP Drilling had issued PPL Shipyard, the builder of the Pacific Class 400 design rig, a notice of termination of the construction contract following PPL's failure to comply with certain of its material contractual obligations.
Marco Polo said cracks were found on all three legs of the new rig during two rounds of tests, and the company would not be taking delivery of the rig.
It
