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Makamin seeks 220m riyal claims against POSH subsidiary

Tuesday, December 13, 2016 - 19:38

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SAUDI ARABIA-BASED Makamin Offshore is claiming 220 million riyals (S$84 million) in alleged damages against a subsidiary of Singapore-listed PACC Offshore Services Holdings (POSH) under a developing legal spat between the two parties.

SAUDI ARABIA-BASED Makamin Offshore is claiming 220 million riyals (S$84 million) in alleged damages against a subsidiary of Singapore-listed PACC Offshore Services Holdings (POSH) under a developing legal spat between the two parties.

POSH said after trading hours that Makamin Offshore has, through its application for a court order in Saudi Arabia, sought compensation for damages allegedly caused by POSH Saudi Company (PSC).

Makamin is claiming 100 million riyals as compensation for loss of charter contracts with Saudi Aramco. It is also claiming 30 million riyals for the expenses paid to bring and operate three vessels and 90 million riyals for loss of profit arising from a ban imposed on the Saudi Arabia-based company from working with Aramco for at least the next two years.

In the court order filed, Makamin sought to block PSC from directly or indirectly substituting the Saudia Arabia-based company in charter contracts with Saudi Aramco.

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It also sought, among others, to prevent PSC from tendering for Aramco's charter contracts for the same period during which Makamin is prevented from doing so.

POSH said it intends to vigorously contest and defend against any charge or allegation made against PSC by Makamin.

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