The Business Times

Companies & Markets

The Business Times
Subscribe
Share on FacebookShare on TwitterView more
The Business Times
Create a free account with Business Times for seamless access across SPH Media products.
REGISTER
LOGIN

Companies & Markets

Nam Cheong unit receives letter of demand for deposit, serves notice of arbitration

Published Thu, Dec 22, 2016 · 02:15 PM
Share this article.

MALAYSIAN shipbuilder Nam Cheong said that its subsidiary Nam Cheong International (NCIL) has received a letter of demand from Petra Offshore (POL), a unit of Perdana Petroleum, claiming the refund of a deposit of U$8.4 million under a contract.

This follows Nam Cheong's announcement on Dec 1 of the termination of the sale of an accommodation work barge between NCIL and POL.

NCIL has on Dec 22 served a notice of arbitration to POL under the Kuala Lumpur Regional Centre For Arbitration Rules 2013.

NCIL claims, among other things, that POL's purported termination of the contract was "wrongful and unwarranted", and the deposit paid shall be forfeited to NCIL.

NCIL is also claiming damages for wrongful termination of the contract, which was entered in June 2014.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Companies & Markets

newspaper iconPurchase this articleshopping cart icon

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here