THHE was also ordered to pay RM1.9 million in costs, including RM800,000, to Global Mariner, The Edge reported.

Justice Adlin Abdul Majid on July 21 ruled in favour of Global Mariner, finding that THHE became insolvent in 2016. She also dismissed THHE’s counterclaim regarding its financial position and acquisition viability.

Global Mariner holds the remaining 20% in Floatech, a Labuan-based company that owns and leases floating, production, storage, and offloading (FPSO) vessels to oil and gas companies.

Global Mariner claimed that THHE became insolvent in 2016 and was unable to pay its debts, leading to four winding-up petitions filed by its debtors.

Subsequently, Global Mariner issued a default sale notice to buy over THHE’s stake, which THHE disputed in September the same year.

Meanwhile, THHE claimed that its financial position worsened due to Global Mariner’s failure to fulfil obligations as a shareholder and the misrepresentation of FPSO Deep Producer 1’s acquisition viability.

The shareholders’ agreement, signed in 2014, stipulated that on the insolvency of either partner, the financially distressed partner must offer its stake to the other within 60 days of a default event.