1. INTRODUCTION
Malaysia Marine and Heavy Engineering Holdings Berhad (“MHB”)'s announcement dated 26 June 2018 is referred.
MHB's wholly-owned subsidiary Malaysia Marine and Heavy Engineering Sdn Bhd (“MMHE”) had on 27 September 2018 received a Notice of Arbitration from E. A Technique (M) Berhad ("EATech") for a number of claims in relation to the contract for Provision of Demolition, Refurbishment and Conversion of Donor Vessel into a Floating, Storage and Offloading Facility for Full Development Project, North Malay Basin, hereinafter referred to as “the Contract”.
2. BACKGROUND
EATech had, via a Letter of Award dated 9 June 2015 appointed MMHE as the Main Contractor for the Contract.
During the period of the Contract, MMHE issued Additional Work Orders (“AWOs”) to EATech claiming payments for the work done. Disputes and differences have arisen between the parties in respect of the sum arrived under the Invoices and the AWOs.
On 22 June 2018, EATech and MMHE had entered into an agreement via a Letter of Undertaking (“LOU”) in their effort to settle the sums due under the Invoices and the AWOs. The parties were unable to reach an amicable settlement paving the way for both parties to proceed with legal proceedings.
The claims made by EATech are as follows:
a) USD8,733,753.97 being the over payment made by EATech in respect of the Re-measured Contract price;
b) USD9,000,000.00 being the sum paid by EATech under the LOU; and
c) USD4,009,643.75 being the expenses and costs incurred pursuant to the Conversion Agreement.
3. EFFECTS OF THE ARBITRATION
MMHE will rigorously defend the claims and will make counter claims for the AWOs issued and the costs incurred as a result of the Extension of Time. Apart from the arbitration proceeding, MMHE reserves its right to pursue any other legal actions as may be permitted under the Malaysian laws.
The Board of Directors of MHB undertakes to continuously update the stakeholders of any material impact to MHB’s Group business and financial results for the financial year ending 2018.
This announcement is dated 2 October 2018.
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