"MP Drilling has today (17 Nov 2015) issued PPL, the builder of the New Rig, a notice of termination of the Rig Construction Contract following the latter's failure to comply with certain of its material contractual obligations. In arriving at this decision to terminate the Rig Construction Contract, MP Drilling has taken into account various factors including cracks found on all three legs of the New Rig during two rounds of tests, notwithstanding repair works carried out by PPL after the first round of tests. In view of the termination of the Rig Construction Contract, MP Drilling will not be taking delivery of the New Rig and it will be seeking, among others, a refund from PPL of the initial amount of 10% of the contract price (approximately US$21.4 million) previously made to PPL pursuant to the Rig Construction Contract together with interest.” – refer Marco Polo website ......
