Barakah Offshore files $243m claim against Petronas

Barakah Offshore files $243m claim against Petronas

Malaysian offshore service provider Barakah Offshore has filed a compensation claim of RM1.02bn ($243m) against the country’s national energy firm Petronas.

Barakah Offshore filed the claim after Petronas issued a three-year suspension notice on the licence of Barakah’s wholly owned subsidiary PBJV Group last month.

According to Barakah Offshore, PBJV had already carried out the contract and completed it prior to the suspension and that on completion of the contract Petronas had agiven PBJV a positive appraisal, making the suspension unwarranted.

Barakah claims that Petronas had issued the notice based on grounds of adverse reports of PBJV’s performance without any legal justification or compliance to procedures, and the requested compensation is based on the loss of future profits, reputation and shares’ market price.

Barakah is currently in a restructuring process. The company was forced to abort a debt restructuring plan following the suspension of PBJV’s licence by Petronas.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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