Perdana Petroleum cancels vessel purchase

PETALING JAYA: Perdana Petroleum Bhd’s (PPB) wholly owned subsidiary Petra Offshore Ltd (POL) has cancelled its acquisition of a vessel from Nam Cheong International Ltd (NCIL).
“POL has sent notification to NCIL of the cancellation of the memorandum of agreement (MoA) on the acquisition of accommodation workbarge identified as Vessel Hull No. SK 317 as NCIL has not fulfilled the condition of delivery of the vessel in accordance with the terms and conditions of the MoA,” Perdana Petroleum said in a stock exchange filing yesterday.
Accordingly, POL has sought the immediate return of the deposit paid of US$8.4 million (RM37 million).
PPB on June 25, 2014 announced the proposed acquisition of two units of 500-men accommodation workbarges, identified as Vessel Hull No. SK 316 and SK 317 from NCIL for US$84 million.