Punj Lloyd’s wholly-owned UK subsidiary, Simon Carves (SCL), has commenced adjudication proceedings against UK-based SABIC Petrochemicals.
These proceedings are ultimately aimed at seeking restitution, through the UK Courts, of 28 million pounds sterling in respect of an advance payment bond and a performance bond called by SABIC following in SCL’s view, the wrongful termination by SABIC of the contract between SABIC and SCL.
Additional costs and damages will also be sought by SCL against SABIC associated with cost overruns in the project caused by changes in scope and design requested by SABIC and also to recover damages for losses arising as a consequence of the termination of the contract.