KUALA LUMPUR (Sept 11): Sealink International Bhd (KL:SEALINK) said one of its offshore support vessels, which was damaged by fire in Brazil earlier in May, has been declared a constructive total loss.
This was confirmed by the surveyor appointed by the vessel's insurer in a final claim settlement report, which the Sarawak-based company received on Thursday.
"The vessel owner continues to work closely with the charterer, insurers, appointed surveyors, legal advisors, and other relevant parties in relation to the insurance claims process and next steps," Sealink said in a filing with Bursa Malaysia.
However, it did not disclose the financial implications to the group.
The development follows Sealink’s earlier updates in June stating that access to the vessel remained restricted due to site conditions, delaying a full on-site assessment of the fire damage.
The fire occurred on May 17, though the company was only notified of the incident on May 21. No casualties were reported.
The vessel had been operating under a bareboat charter at the time of the incident, which placed operational control with the charterer. Sealink confirmed the vessel was covered by hull and machinery insurance.
The group owns a fleet of 22 offshore support vessels servicing oil and gas clients in Malaysia and abroad.
Shares in Sealink closed up 0.5 sen or 2.7% at 19 sen on Thursday, valuing the group at RM95 million.