The contract was entered between Petra Offshore Limited (POL) and Nam Cheong International, wholly-owned by Nam Cheong, on 23 June 2014.
“The group’s position is that the purported notice of termination/cancellation is not valid and is tantamount to a repudiation of the contract by POL, pursuant to which the group is entitled to compensation from POL. The group intends to fully enforce its rights against POL, and if necessary, seek legal redress,” Nam Cheong said.
It added that the purported cancellation of the contract may have an impact on its earnings for the financial year ending 31 December 2016.
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