Perdana Forfeited $8.4M in Deposit for Cancelling a Shipbuilding Contract

Malaysia's Perdana Petroleum Berhad, an offshore marine services provider, reported Monday that Singapore-listed Nam Cheong Ltd. has accepted the company's cancellation of an order to build an accommodation work barge.

"Further to the Company’s announcement on March 30 on the termination/cancellation of the MOA (Memorandum of Agreement) dated June 23, 2014 on the acquisition of accommodation work barge identified as Vessel Hull No. SK 316, the Company wishes to inform that it has received a notification dated April 5 from NCIL (Nam Cheong International Ltd.) accepting the termination/cancellation of the contract and forfeiting the deposit paid of $8.4 million, in addition to reserving all its rights under the MOA."