Investor Relations - News
MTQ Subsea Technology Pte Ltd
We refer to our announcement dated 26 November 2002 advising of the loss of a submersible remotely operated vehicle ("ROV") unit belonging to MTQ Subsea Technology Pte Ltd ("MTQ Subsea"), a 72.73% owned subsidiary of Metalock (Singapore) Limited (the "Company"), during an undersea operation on 17 November 2002.
Further to our announcement of 26 November 2002, the Board of Directors of the Company wishes to announce that the insurers of the ROV unit have disputed MTQ Subsea's claim of ?747,000 (approximately S$2,075,913).
MTQ Subsea intends to pursue this matter vigorously and is currently seeking specialist insurance legal advice as to the best way of resolving the dispute.
The impact of this dispute is uncertain at this time and will depend on the outcome of negotiations and/or legal proceedings. Further announcement will be made by the Company to inform shareholders of any significant development with respect to this matter.