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.