CIMC RAFFLES OFFSHORE (SINGAPORE) LTD AND ANOTHER v SCHAHIN HOLDING SA

摘要

Banking - Guarantee - Summary judgment - Defendant guaranteeing sums due under shipbuilding contracts on delivery of drilling rigs - Shipbuilding contracts subsequently varied to provide for substantial increase in sums due on delivery - Whether subsequent variation discharged defendant from liability - Whether subsequent variation within purview of guarantee - Whether shipbuilder entitled to summary judgment. The claimants (collectively the builder) operated a shipyard in China. In 2006 they entered into shipbuilding contracts with two separate buyers for the construction of two semi-submersible drilling rigs. The contract price for each rig was US$234 million. The rigs were purchased for the purpose of letting to Petrobras SA under long-term charters. The contracts provided for the buyer to make various "milestone payments" prior to, and on, delivery.