E.A. Technique (M) Berhad (“the Company”) refers to the announcements dated 1 October 2018 made by the Company in respect of the arbitration proceedings against Malaysia Marine Heavy Engineering Sdn Bhd (“MMHE”).

The Company wishes to announce that the Arbitral Tribunal has delivered its Final Award dated 10 November 2020 and ordered the following :-

a)    the Company shall pay the sum of USD29,520,172.65 to MMHE;

b)    the Company shall pay costs of RM4,686,398.16 to MMHE;

c)     the Company shall pay interest on the said sums of USD29,520,172.65 and RM4,686,398.16 at the rate of 5 % per annum calculated from the date of the Final award to the date of full payment;

d)    the Company’s claim for a declaration that MMHE is not entitled to payment in relation to the AWOs is dismissed; and

e)    MMHE do deliver to EAT the original documents of title to the following tug boats and barges within 30 days from the date of publication of the Final Award:

i.     Tug Boat known as Nautica Tg Puteri I;

ii.     Tug Boat known as Nautica Tg Puteri XXXIII;

iii.     Tug Boat known as Nautica Tg Puteri XXXIV; and

iv.     Crane Barge known as Nautica Air Hitam.

The Company is in the midst of reviewing the Final Award and is considering all options available for its next course of action.

Further announcements will be made in respect of any material development thereof.

This announcement is dated 12 November 2020