TAS OFFSHORE TO LOSE RM70 MLN FOLLOWING CONTRACT TERMINATION
KUALA LUMPUR, July 21 -- TAS Offshore Bhd is expected to lose RM70 million following the termination of contracts with two shipbuilders in China to build 16 offshore support vessels (OSVs).
In a filing with Bursa Malaysia today, the company said the shipbuilding contracts with Guangzhou Hangtong Shipbuilding and Shipping Co Ltd and Jiangmen Hangtong Shipbuilding Co Ltd were executed during year 2013 to 2015, which were scheduled to be delivered between 2014 and 2017 for the respective vessel.
The vessels have a contract sum of US$10.38 million to US$39.38 million per vessel depending on the size and specification of the vessel.
TAS Offshore, through wholly-owned subsidiary TA Ventures (L) Ltd (TAV), had on July 17 inked termination agreements with the two shipbuilders.
The group added that there would be no impact on its operation arising from the termination agreements.
-- BERNAMA
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