[1] The Plaintiff, Gumusut-Kakap Semi-Floating Production System (L) Ltd, and the 1st Defendant (D1), Sabah Shell Petroleum Company Limited, are in the oil and gas industry. The Plaintiff specialty is in the construction and lease of Semi-submersible Floating Production System ("SEMI-FPS"). D1 had entered into an agreement with the Plaintiff for the engineering, procurement, construction and lease of a SEMI-FPS dated 9 November 2012 (Lease Agreement No C-591673) ("Lease Agreement").

[2] A dispute has arisen between the parties and D1 had called upon an on demand Performance Bond (Bond) dated 28 November 2014 for the sum of USD 20 million procured by the Plaintiff from D2, AmBank (M) Berhad, under the terms of the Lease Agreement, in favour of D1.

[3] Under the Lease Agreement