TH Heavy Engineering given another year to deliver Layang FPSO
Project still at risk of further delays mainly due to a lack of access to financing, say sources
Singapore
MALAYSIA'S pilgrim fund-sponsored TH Heavy Engineering (THHE) is understood to have been granted one more year to deliver the anchor production facility for JX Nippon-operated Layang field development, but uncertainty continues to plague the Malaysian entity's capability to meet the new deadline, with a much needed cash injection to restructure its finances looking set to be derailed.
THHE was awarded a US$372 million contract in May 2014 by JX Nippon for the delivery of a floating production, storage and offloading (FPSO) vessel towards the Layang oil and gas field development. Delivery of the vessel, which has already been rescheduled to mid-2016 from early 2016, according t…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Asia: Oil surges, equities sink as Israel strikes on Iran fan Middle East escalation fears
Gold set for fifth weekly gain as geopolitical risks buoy demand
Oil holds near 3-week low as US sanctions interrupt easing tensions
Seatrium unit ordered to pay US$108 million in arbitration over equipment supply contracts
BP reshapes its leadership team as some executives leave
BHP to decide on future of nickel business by August, trims met coal estimates