Keppel Corporation Limited on Wednesday (21 July) released a statement regarding a request for arbitration from a counterparty. Details of the development are as follows:
RECEIPT OF REQUEST FOR ARBITRATION
Keppel Corporation Limited (the “Company”) wishes to inform that two of Keppel Offshore and Marine Limited’s wholly-owned subsidiaries (the “Respondents”) have received a request for arbitration from the counterparty (the “Claimant”) to two engineering, procurement and construction contracts relating to Floating Production Storage and Offloading units (“EPC Contracts”).
The Claimant has withheld a total of approximately US$11.3 million due to the Respondents under the EPC Contracts and has claimed a further payment from the Respondents of approximately US$31.2 million, on the basis that the Claimant is allegedly entitled to a price reduction under the EPC Contracts (the “Claim”).
The Respondents, in consultation with legal advisors, deny the Claimant’s alleged right to such price reductions and vehemently challenge the Claimant’s right to withhold payments due to the Respondents as well as its supposed right to claim such price reductions.
The Respondents intend to vigorously defend the Claim and in addition, seek remedies, including counterclaims for the sums unduly withheld by the Claimant, against the Claimant to the fullest extent under the EPC Contracts and at law.
The Company will provide updates on material developments on this matter as appropriate.
Photo credit: Drew Beamer
Published: 29 July, 2021
‘As a major energy player, Total is already developing cleaner fuels for the maritime industry,’ said Patrick Pouyanné, President and CEO of Total.
Bundled service enables Inchcape to provide a combined cost effective price to its customers.
Reporting agency analyses Maersk’s marine fuel consumption strategy in preparation for the IMO 2020 transition.
Alexei Medvedev (pictured) and Mikhail Antonov explain how regulation will affect the company in an interview.
Unioil Supply, largest supplier of fuel to Denmark’s military, now under spotlight as Defense Minister rises questions.
The team in Singapore is now supplying more than 200,000 metric tonnes of bunker per month.
Additional topics of bunker contamination and OCM services discussed at VPS’ Fuel Management Challenges – The Year of 2021 & Beyond webinar on 23 September; Manifold Times summarises the session.
‘The JMs have failed to discharge their duties by blindly helping the Banks mount a false case against the Defendant,’ wrote defence lawyers representing former IPP Director Dr Goh Jian Hian in court statement.
Lead prosecutor Andreas Myllerup Laursen aims for a fine and a prison sentence in the so-called Syria case scheduled to commence in Odense, Denmark on 26 October, writes the Danish publication.
In a modern re-telling of the story of David versus Goliath, local bunker barge owners/charterers successfully resisted claims brought in the Singapore courts by Phillips 66 for misdelivery of bunkers.
Bunker barge owners and operators; traders and suppliers; banks, including players in other countries, will have to re-examine respective operations, advises Helmsman Associate Director Jonathan Tan.
Vopak BL was a non-essential document with no contractual force and had no effect as a contract of carriage or as a document of title, states written Judgement issued by Singapore Court of Appeal.
