Maybank to extend RM2b lifeline to TH Heavy Engineering

Singapore

MALAYSIAN pilgrim fund-oilfield services provider, TH Heavy Engineering (THHE), is set to receive up to RM2 billion (S$682 million) in cash injection from Maybank as part of an operational and financial restructuring.

THHE had failed to turn around its loss-making business, having struggled to replenish the order book of its Pulau Indah fabrication yard and execute its first floating production, storage and offloading vessel (FPSO) contract.