Yinson Annual Report 2018

Notes to the Financial Statements (Cont’d) For the financial year ended 31 January 2018 48. SUBSEQUENT EVENTS (a) On 25 March 2018, PTSC Ca Rong Do Ltd (“PTSC CRD”), a joint venture company owned by Yinson Clover Ltd (“YCL”) and PetroVietnam Technical Services Corporation (“PTSC”) (each holding 49% and 51% respectively in PTSC CRD) had received a notice (“Notice”) from PTSC under the Bareboat Charter Contract. In the Notice, PTSC informed that on 24 March 2018, PTSC was notified by Talisman Vietnam 07/03 B.V. (“TLV”) of a force majeure event under the Contract where TLV has been directed by the Government of Vietnam not to carry out scheduled work program for CRD Project. The Contract is a time charter contract comprising the bareboat scope of work (“Bareboat SOW”) and operation and maintenance of the FPSO. YCL, an indirect wholly-owned subsidiary of the Group had on 26 April 2017 entered into the Contract with TLV for CRD Project. As a requirement under the bid for the Contract, YCL had also on even date entered into a novation agreement with TLV and PTSC for the novation of all rights and liabilities under the Contract to PTSC. PTSC CRD was incorporated on 5 December 2017 to jointly undertake the execution and performance of the Bareboat SOW. The Group, together with PTSC will jointly discuss with TLV on next course of action pursuant to the force majeure event. Given the contractual rights accorded to PTSC CRD under the Contract, the Group does not expect that the above matter to have a material effect on the net assets and earnings of the Group for the financial year ending 31 January 2019. (b) On 30 March 2018, the Company made second offer of option, a total of 6,048,000 options at exercise price of RM3.65 per share in 3 equal tranches upon fulfiling the vesting condition and shall expire on 30 March 2022. Offers are made to eligible Executive Directors and employees of the Company. 49. AUTHORISATION OF FINANCIAL STATEMENTS FOR ISSUE The financial statements for the financial year ended 31 January 2018 were authorised for issue in accordance with a resolution of the Board of Directors on 3 May 2018. 188 Yinson Holdings Berhad Annual Report 2018 Accountability