The group’s profits are feared to take a hit.
Nam Cheong is getting ready to seek legal remedy after its client Petra Offshore (POL) terminated the sale of one unit of an Accommodation Work Barge.
In a statement to the SGX, Nam Cheong said that it received notice from POL to terminate the deal. However, Nam Cheong said that the cancellation is not valid and is equivalent to a repudiation of the contract by POL.
Nam Cheong said that it is ready to seek legal redress for the cancellation. The termination can have a material effect on Nam Cheong’s results for the current financial year.
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