Coastal Contracts Updates on Arbitration Proceedings on Jackup Construction

Malaysia's Coastal Contracts Bhd provided an update Friday that further to the company’s statement dated Oct. 9, 2015, its Board of Directors announced that its wholly-owned subsidiary, Thaumas Marine Ltd (TML), has March 4 filed its Statement of Claim and served the same on the Tribunal and the Respondents namely, (1) Yantai CIMC Raffles Offshore Limited (Builder) and (2) Dynamic Driller Limited (Co-Builder).

Particulars of the Claim

TML is claiming from the Respondents:

  1. The sum of approximately $5.65 million
  2. Interest as applicable
  3. The cost of this arbitration including all the cost and expenses of legal counsel, experts, consultants and witness as the case may be and expenses of the Tribunal; and
  4. Any further damages, relief or other order which the Tribunal deems fit

Financial and Operational Impact

The current arbitration proceedings are not expected to have material financial and operational impact on TML and Coastal Group.

TML is not a major subsidiary of Coastal.

Steps Taken

As TML has filed and served its Statement of Claim, the next step is for the Respondents to file their Statement of Defence and Counterclaim (if any). The Company will announce further developments on the arbitration proceedings at the appropriate time.

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