PETALING JAYA: Handal Energy Bhd has announced that the unincorporated joint venture between Borneo Seaoffshore Engineering Sdn Bhd and Handal Engineering Sdn Bhd has voluntarily withdrawn from its contract with Petronas Carigali Sdn Bhd.
The contract, which was awarded to the joint venture on June 24 2019, was for the provision of water injection module supply on mobile offshore unit for mobile water injection facilities – Package 4.
“Under the terms of the contract, the joint venture was required to furnish a mobile offshore unit with water injection facilities by March 2020. The joint venture awarded a contract to a third party for the construction of the package with the use of Mono Column technology by Brian Chang.
“The contractor failed to deliver within the stipulated timeline and consequently, both Petronas and the joint venture have mutually agreed to voluntarily withdraw from the contract pursuant to which the joint venture has executed a contract closure certificate on July 24, 2020,” it said in a Bursa filing.
On Sept 19, Handal Energy, its subsidiary Calm Oceans Sdn Bhd and Singapore Oil & Energy Pte Ltd entered into a shareholder’s agreement to incorporate a jointly controlled company in Malaysia, namely Handal Oceans Assets Sdn Bhd, to own and to undertake the construction of a patented asset known as the Mono-Column Platform (MCP).
In a separate filing, the group said it has started a legal suit against Brian Chang, Tracy Chang, Emily Soon Wai Chin, Calm Oceans Pte Ltd and Brian Chang Holdings Ltd (litigation defendants) for deceit and negligent misstatement.
The suit, filed in the High Court of Malaya, is premised on, among others, the litigation defendants misleading Handal Energy and its two subsidiaries, Borneo Seaoffshore Engineering and Handal Engineering (plaintiffs) on the total capital expenditure of the MCP.
“The plaintiffs relied on the litigation defendants’ misleading representations which adversely impacted the price BSHJV offered the MCP to Petronas Carigali causing the plaintiffs to suffer loss and damage,” it said.
The plaintiffs are seeking special damages amounting to its investment of RM10.59 million, special damages amounting to its expenses of RM1.68 million, general damages of RM140.15 million, aggravated damages to be assessed and/or determined by the court, interest at 5% per annum from Sept 27, 2020 until full settlement and costs.
