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KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) has been ordered to pay RM28.03mil to Kebabangan Petroleum Operating Company Sdn Bhd (KPOC) over their dispute regarding an oil rig project off north Sabah in 2014.
MMHE said on Friday the arbitral tribunal had issued the final award following the arbitration proceedings initiated against MMHE by KPOC.
“The final award will not have any impact on the operation of MMHE. The total financial impact arising from the final award would be RM28.09mil,” it said in a filing with Bursa Malaysia.
The dispute was over the Kebabangan field, which is located about 135km northwest of Kimanis, Sabah. The KBB platform was developed as a hub for the development of deepwater oil and gas assets in the North Sabah area.
MMHE was to carry out and complete certain works for KPOC, including to construct, engineer, procure, fabricate, inspect, test & pre-commission, load-out and sea-fastening of the KBB topsides and associated appurtenances. The works were completed in June 2014.
KPOC, in its notice of arbitration dated March 13, 2019, claimed MMHE was and is in breach of the express and/or implied terms of the contract in respect of the supply of certain valves.
KPOC had included an indicative amount of its alleged loss as part of the notice of arbitration, at about RM125.1mil, and has claimed that it continues to allegedly suffer losses. KPOC subsequently identified its claim amount as RM58.9mil.
However, MMHE said the arbitral tribunal has, in the final award, dismissed all of KPOC’s claim for loss of revenue in the sum of RM28.03mil.
The arbitral tribunal has also ordered MMHE shall pay KPOC RM17.24mil as damages for the costs expenses incurred by KPOC for assessment, procurement and replacement of valves from 2016 to 2019.
MMHE was also ordered to pay RM9.82mil as damages suffered by KPOC in having to procure 1365 valves and install 1,454 valves in the future; and RM1.03mil for its legal fees and expenses.
“MMHE is advised that it has legal grounds to challenge the final award and is considering further action,” it said.