TAS Sees OCV Shipbuilding Deal Canned

TAS Offshore Berhad’s (TAS) subsidiary, TA Ventures (L) Ltd has received notice of termination of a shipbuilding contract from QMS1 Offshore Services Ltd (QMS1), via email on April 5, 2016.

In a filing with Bursa Malaysia on Thursday, the Malaysian shipbuilder informed that the contract between TA Ventures (L) Ltd and QMS1, valued at $11.7 million, was for construction of one offshore construction vessel (OCV).

According to the company, the OSV, built by China contract builder, was ready for delivery within the agreed time frame (December 11, 2015), but the buyer, reportedly, failed to provide the relevant documents and certificates for further process, citing technical and quality issues which TAS said it strongly disagreed with.

Furthermore, TAS said it finds the termination notice not to be valid and intends to take legal action to protect its interests.

“The purported termination of contract is expected to have an impact on the Company’s results for 2016 financial year. The extent of the impact cannot be ascertained at this point in time as it will depend on the outcome of the legal proceedings against QMS1,” the company said in stock exchange announcement.

Subsea World News Staff

Share this article

Follow Subsea World News


<< Jan 2020 >>
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Shallow and Deepwater Mexico Exhibition and Conference

Shallow and Deepwater Mexico, an offshore oil and gas exhibition and conference is the key center for the international offshore oil and gas community in Mexico. 

read more >

Underwater Intervention (UI) 2020

Underwater Intervention Conference is a conference where oil and gas industry professionals, senior decision…

read more >

Subsea Expo 2020

Subsea Expo is the world’s largest subsea exhibition and conference and is completely free to attend.

read more >

Oceanology International 2020

Exhibitors from industry, government and research institutions share their knowledge and come…

read more >