Transocean Oil is seeking $879,000 and interest after Glenn Defense defaulted on payments on a $2.2m settlement agreement, Bloomberg cited lawsuit papers filed to the Singapore High Court on 11 November.
Glenn Defense blamed its missed payments to Transocean on automatic budget cuts in the US known as sequestration, the news reported quoted an email sent by Leonard Glenn Francis, ceo of Glenn Defense, on 17 May and cited in the Singapore court papers.
Transocean is now seeking an order for a vessel owned by Glenn Defense to be sold to repay the debt owed. The vessel, Glenn Gladiator, was arrested by by the Singapore High Court on 20 September.
The lawsuit follows allegations that Francis had bribed US Navy officials by providing prostitutes, travel expenses and entertainment in exchange for classified information about ship movements.
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