McDermott, TH Heavy Engineering dissolve partnership


Dateline 2016-09-27, OE Digital:

Houston-based McDermott International and Malaysian fabrication firm TH Heavy Engineering (THHE) will end their Malaysian joint ventures Berlian McDermott (BMD) and THHE Fabricators (THF), the pair announced on Friday (23 September), citing local market conditions.

The proposal will see both THHE and McDermott trade interests in the joint ventures to the other. For example, THHE will transfer its 30% interest in BMD to McDermott, while McDermott will transfer its 30% stake in THF to THHE. Each transfer was valued at US$17.33 million (MYR 71.73 million).

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: