TTSJV W.L.L. & Ors v BapCo Refining B.S.C. (Closed)

Facts

TTSJV, a Bahraini joint venture vehicle, and its parent companies (Technip Energies N.V., Técnicas Reunidas S.A. and Samsung E&A Co. Ltd) applied on short notice, before issuing proceedings, for an injunction against BapCo Refining B.S.C. (Closed), the Bahraini owner of an oil refinery being modernised under a US$4.211 billion EPC contract dated 2 February 2018, governed by English law and providing for LCIA arbitration seated in London. TTSJV, to whom the contract was novated in December 2018, claimed the works were substantially complete and sought extensions of time arising from a fatal hydrogen explosion on site on 2 May 2025, which BapCo rejected by a detailed determination on 3 May 2026. BapCo asserted TTSJV had missed a milestone and, on 18 May 2026, demanded Delay Liquidated Damages of up to US$484,406,323, calling on a performance guarantee issued by HSBC on 21 May 2026. TTSJV, fearing HSBC would pay out before Eid and before an LCIA emergency arbitrator could be appointed, sought to suspend that call and restrain any further call on the guarantee or on a Mashreqbank retention bond. The application came before Pepperall J in the Technology and Construction Court on 22 May 2026.