Rubicon Demands Payment from KrisEnergy

OE Staff
Monday, February 17, 2020

KrisEnergy, an oil company focused on Southeast Asia, has been served a claim by Rubicon demanding a $2.84 payment in relation to a 2014-charter of the Rubicon Vantage FPSO, deployed at KrisEnergy's Wassana field as an FSO. 

Rubicon has, according to KrisEnergy, threatened with a winding-up petition against KrisEnergy subsidiary KEGOT unless the payment is made.

KrisEnergy, working to restructure debt, said Friday that Rubicon Vantage International had filed a statutory demand February on February 10, 2020, for approximately $2.84 million (including an interest claim of approximately US$1.01 million) in the Cayman Islands against the company’s subsidiary, KrisEnergy (Gulf of Thailand) - KEGOT - as charterer under the bareboat charter. 

The statutory demand states that if payment of this debt is not made within 21 days of the date upon which the statutory demand is served on KEGOT’s registered office or a settlement fails to be reached, Rubicon may present a winding-up petition against KEGOT, KrisEnergy said.

"[KrisEnergy] takes the view that the claims which are the subject of the statutory demand are entirely unmeritorious. The statutory demand has been filed despite the claims having been consistently and rightly disputed and rejected with supporting justification, both in correspondence and meetings," KrisEnergy said.

"The Company intends to vigorously challenge Rubicon if the demand is not promptly withdrawn, and will take all appropriate steps available to it at law in any associated legal proceedings. The Board will update stakeholders of any material developments as and when appropriate," KrisEnergy said last Friday.

"As stated in the announcement dated 15 August 2019, the Singapore High Court had granted the Rubicon Moratorium, such that Rubicon is restrained from taking any enforcement steps within the jurisdiction of Singapore or elsewhere, including but not limited to pursuing the winding up of the Company in any jurisdiction whatsoever," KrisEnergy said.

The court has previously granted the moratorium on claims by creditors to allow KrisEnergy the time to restructure its debt obligations.

KrisEnergy said Monday it would seek an extension to the moratorium on enforcement actions and legal proceedings by creditors against the company.

The company is seeking in its 2nd Extension Application, amongst other things, that protection from claims and winding up resolutions be extended until May 27, 2020. 


Categories: Vessels Industry News Production Asia Activity FPSO Floating Production

Related Stories

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Fugro Expands Geotechnical Testing Capabilities in Indonesia

CNOOC Starts Production at Offshore Field in South China Sea

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

BW Opal FPSO Vessel set for Work off Australia

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

CNOOC Puts Into Production New Oil Field in South China Sea

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Current News

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com