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

[2013] Lloyd's Rep Plus 64

COURT OF APPEAL

Before Lady Justice Arden, Lord Justice McCombe and Sir Bernard Rix

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.