TANJUNG Offshore (7228) does not expect to see a major negative financial impact despite being slapped with a claim worth US$15.9 million (RM49 million) from Newfield Peninsula Malaysia Inc due to alleged damages caused by one of its vessel, OSK Research Sdn Bhd said.
Instead, Tanjung Offshore only expected the future insurance premium for that particular vessel to be higher in the future renewals.
"We are keeping our financial year 2010- 2011 earnings forecast unchanged for now pending the result of claim," OSK Research said.
The claim was served to the group's unit, Tanjung Kapal Services Sdn Bhd (TKS), for alleged damages to Newfield's pipeline by one of its passing vessels at the East Belumut Field, offshore Malaysia.
This included costs associated with the repair and clean up of the alleged damage to the pipeline, which connects the East Belumut platform in the PM 323 block to the Tinggi platform.
Newfield is the operator of the block with 60 per cent interest. Production started in 2008.
OSK Research said TKS will perform further investigation on the allegation against the affected vessel.
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