Malaysian contractor Barakah Offshore said it is unable to service its debt to the Export-Import Bank of Malaysia and is trying to finalise a debt restructuring scheme.
The company said it is now a "Practice Note 17" company, which means it must restructure its finances and submit a regularisation plan to Malaysia's Securities Commission within 12 months.
Barakah said it had been unable to make instalment payments to Export-Import Bank of Malaysia related to the accommodation and pipelay barge Kota Laksamana 101.
