Perdana Petroleum settles contract dispute with Nam Cheong

Perdana Petroleum settles contract dispute with Nam Cheong

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.

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.

Related Posts