Reference is made to the Company's announcements on 28 August 2025, 22 October 2025 and 20 January 2026. Unless otherwise stated, all abbreviations used herein shall have the same meaning as those previously announced.
On 16 January 2026, OVE had commenced enforcement proceedings by filing an Originating Summons pursuant to Section 28 of CIPAA in the High Court of Sabah and Sarawak at Kuching, seeking to enforce the adjudication decision as a judgment or order of the High Court.
The Board of Directors of OVH wishes to announce the following case development:
Based on the amended pursuant to order dated 31 March 2026, it was ordered that the Adjudication Decision dated 10 October 2025 in an adjudication between the OVE and Petrofac Engineering Services (Malaysia) Sdn. Bhd. ("Petrofac") be enforced by entry as a judgment or order of the High Court against Petrofac, namely that:
- Petrofac shall pay to OVE the adjudicated sum of RM5,374,247.68;
- Petrofac shall pay to OVE the simple interest at the rate of 5% per annum on the adjudicated sum of RM5,374,247.68 from the respective invoices' due dates until the date of full payments;
- Petrofac shall pay to OVE the Adjudicator's fees and the Asian International Arbitration Centre (Malaysia) ("AIAC")'s administrative fees in the sum of RM64,282.10;
- Petrofac shall reimburse OVE the AIAC registration fees, AIAC adjudicator appointment fees and cost related to the proceeding in the sum of RM702; and
- Petrofac shall reimburse the Plaintiff a sum of RM80,000.00 as party-to-party cost;
It is also ordered that Petrofac pay the costs of RM3,000.00 to OVE.
The Management is evaluating the appropriate enforcement actions to recover the judgment sums and safeguard the interests of the Company. Further announcement on any material developments will be made when appropriate.
This announcement is dated 13 April 2026.