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Rubicon Demands Payment from KrisEnergy

February 17, 2020

Rubicon Vantage FPSO - Image by Geir Vinnes - MarineTraffic
Rubicon Vantage FPSO - Image by Geir Vinnes - MarineTraffic

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"The Company intends to vigorously challenge Rubicon if the demand is not promptly withdrawn, and will take all appropriate steps available to it at law in any associated legal proceedings.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. 



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