Offshore client of Jurong Shipyard bust

Singapore: Sembcorp Marine announced late yesterday that an important client to its wholly-owned subsidiary Jurong Shipyard has gone bust.
Singapore-based Petroprod, a member of Norway's Larsen group which specialises in mobile production and field development for small and medium-sized oilfields, has a jack-up rig and an  FPSO conversion on order at Jurong. It has now been put into liquidation.
In its statement on Tuesday, Sembcorp Marine said that 'based on best-known information, this event is unlikely to have any material impact on the two contracts' and that it will 'make the update as and when necessary'.  [15/04/09]