Oil company EnQuest has sent an arbitration notice to Malaysia’s offshore oilfield services company Barakah Offshore Petroleum regarding the dispute that was decided in January.
PBJV, a subsidiary of Barakah Offshore, in September 2021 to EnQuest of Malaysia for the total of work and / or unpaid work done by 2020 based on the award letter signed in July. Filed a arbitrage claim for interest in addition to approximately RM73,5 million for the services provided to. In 2018, PBJV was engaged in EnQuest as a contractor for the execution of “Providing maintenance, construction and remodeling (” PM-MCM “) contracts for Pan Malaysia”.
According to Barakah Offshore, on December 29, the arbitrator made a decision in favor of PBJV, paying EnQuest RM71,567,429.55 (about $ 17,1 million) to PBJV by January 28, 2022, with an annual interest rate. I ordered to pay interest at 5%. The arbitrage amount calculated from the due date (January 28, 2022) until the full amount is paid. EnQuest was also ordered to pay for the arbitrage process of RM154,995.69 (approximately $ 37,037).
However, in a statement shared on February 4, 2022, Baraka said: […] From EnQuest. PBJV has been advised by a lawyer and will properly attend the above arbitration notice. “
“As previously announced, the ruling decision is subject to further legal proceedings in which PBJV has taken all necessary steps to act accordingly. We are important in relation to the Malaysian Stock Exchange. We will make appropriate announcements when there is any progress, “said Baraka Offshore.
https://www.oedigital.com/news/494139-enquest-sends-arbitration-notice-to-barakah-offshore EnQuest sends arbitration notice to Barakah