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:
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.
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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