Malaysia’s Perdana Petroleum has announced that subsidiary Petra Offshore and Malaysian shipbuilder Nam Cheong have come to a settlement regarding a dispute relating to a newbuild agreement.
Perdana signed a MOA with Nam Cheong in 2014 to purchase two accommodation work barges for $84m, and late terminated the agreement in 2016 as it couldn’t identify any potential charter contracts. The two companies had since entered into an arbitration process.
According to Perdana Petroleum, the two parties have reached an amicable settlement with regard to each other’s claims and counterclaims arising from the termination of the agreement and the Kuala Lumpur Regional Centre for Arbitration has ordered to terminate the arbitration case.
Perdana Petroleum said the settlement is not expected to have an impact on the earnings of the group this year.
