Nam Cheong serves arbitration notice to Perdana Petroleum’s unit

SINGAPORE (Dec 23): Nam Cheong says its subsidiary Nam Cheong International has served a notice of arbitration to Perdana Petroleum’s subsidiary Petra Offshore over the termination of a purchase of an accommodation work barge.

The arbitration notice was a response to the letter of demand issued by Petra seeking a refund of a deposit paid following the termination.

Under the notice, Nam Cheong is claiming that Petra was in breach of the terms of the contract and that the US$8.4 million ($12.2 million) deposit paid should be forfeited.

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