Petro-king Oilfield Services Ltd. (HK:2178) has released an update.
Petro-king Oilfield Services Ltd., a subsidiary company, has been ordered by the court to pay significantly reduced technical service fees of RMB12.63 million, plus interest, instead of the initially claimed RMB28.9 million. The ruling, which also dismissed all other claims and counterclaims, is not expected to materially impact the company’s financial condition, as the fees were already accrued and will be covered by internal resources. Shareholders and potential investors will be updated on any further developments regarding the ruling.
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