KUCHING: Ocean Vantage Holdings Bhd (OVH) said its wholly owned subsidiary, Ocean Vantage Engineering Sdn Bhd (OVE), has filed an action in the Kuching High Court to enforce payment of about RM5.37 million awarded to it by the Asian International Arbitration Centre (AIAC) against Petrofac Engineering Services (Malaysia) Sdn Bhd.
The sum represents the adjudicated amount decided by an adjudicator on Oct 10, 2025 under the Construction Industry Payment and Adjudication Act 2012 (CIPAA), following proceedings initiated by OVE to recover payments for work carried out for Petrofac.
OVE was engaged by Petrofac under a subcontract dated April 5, 2022 to undertake civil, building, piling and temporary site facilities works in Bintulu.
According to OVE, despite the completion of substantial works and the issuance of relevant progress claim certifications, Petrofac had failed to make regular and timely payments for several certified and uncertified interim claims.
OVE said a payment claim dated June 5, 2025 was served on Petrofac, which disputed the amounts claimed and sought to set them off against other sums.
Subsequently, on June 20, 2025, OVE commenced CIPAA proceedings against Petrofac to recover outstanding payments totalling RM5,374,247. The adjudicator ruled in favour of OVE on Oct 10, 2025, allowing the claims submitted.
In addition, the adjudicator awarded interest on the adjudicated amount at five per cent simple interest per annum from the invoices’ due dates until full settlement.
In a filing with Bursa Malaysia on Jan 20, 2026, OVH said that as OVE had yet to receive the adjudicated sums, it had commenced enforcement proceedings by filing an originating summons pursuant to Section 28 of CIPAA at the court to enforce the adjudication decision.
