Proposal for Yinson to take over FPSO vessel remains at discussion stage

KUALA LUMPUR: TH Heavy Engineering Bhd (THHE) is still in discussion with JX Nippon Oil & Gas Exploration (Malaysia) Ltd and Yinson Holdings Bhd in relation to Yinson taking over the company’s floating production storage and offloading (FPSO) vessel charter from JX Nippon.

“At this juncture, the proposal remains in discussion stage,” the company said in a filing to Bursa Malaysia.

It was reported that the company was in discussion to sell its FPSO vessel to Yinson and dispose of some of its assets to the company, which would be used for its Vietnam operations.

In 2014, THHE secured an engineering, procurement, construction, installation and commissioning contract from Japanese outfit, JX Nippon, for the bareboat lease of Deep Producer 1, for charter at the Layang oil and gas field in Block SK10, off the shores of Sarawak. — Bernama

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