BNP Paribas still pursuing Jurong Shipyard

Singapore: Sembcorp Marine reports that BNP Paribas has filed an appeal against last month's High Court injunction restraining the bank from filing a winding up application against its subsidiary Jurong Shipyard Pte Ltd.

Last November it was revealed that Jurong Shipyard had racked up massive losses, believed to total more than $300m, when alleged unauthorised currency trades made by it former finance director went bad. Agreement on settlement terms was reached with nearly all the 11 banks concerned but BNP threatened to file a winding-up petition against Jurong in a bid to recover the $50.7 million it said it had lost. That petition was turned down last month, a decision BNP is now contesting, with the appeal likely to be heard in late 2008 or early 2009.

Separately, Jurong Shipyard has just has secured a follow-on order from Houston-based drilling contractor Atwood Oceanics to build a second deepwater semi-submersible drilling rig worth $565m, with an option for an additional third unit. The order came just days after Jurong won an order from Larsen Oil and Gas for a $640m semi-submersible drilling rig.  [09/07/08]