Deep Producer 1: Was there ever a plan to stay afloat?

November 24, 2020

Dateline 2020-11-02, FMT:

With the Deep Producer 1 languishing in Dubai pending a court auction for US$6.2 million in wharfage and related charges, questions are being asked as to the viability of its acquisition.

In March 2011, Ramunia Holdings Berhad (now TH Heavy Engineering Berhad or THHE), entered into a preliminary agreement to secure marketing rights to the vessel to allow it to bid for FPSO projects.

Ramunia went on to acquire the vessel for US$82.5 million, a 36.5% discount on its market value, substantially financed by bank borrowings.

The discount aside, Ramunia’s other justification for the acquisition was less clear. At the time, the company’s own disclosure sheet merely referred to “the prospects of time charter arrangement for any FPSO projects being secured”, but without specific details.

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THHE active, rises 25% on getting Petronas licence

March 19, 2020

Dateline 2020-01-15, The Edge:

Shares in TH Heavy Engineering Bhd (THHE) rose 25% in active trade this morning after it received the green light from Petroliam Nasional Bhd (Petronas) to supply certain products and services to oil and gas companies in Malaysia, after a multi-year suspension due to non-performance in 2016.

At 9.11am, THHE was the most actively traded stock on Bursa Malaysia and rose 2.5 sen to 12.5 sen, for a market capitalisation of RM140.17 million.

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Yinson to Take Over Layang FPSO from THHE

January 21, 2018

Interesting…

Dateline 2017-11-30, MarineLink:

THEE (sic), which has the Layang FPSO contract with Japan’s JX Nippon. has applied to Kuala Lumpur High Court, Malaysia to allow it novate the contract and deliver the vessel to Yinson.
Yinson has confirmed this in the Bursa Malaysia filing on Wednesday, saying it has no objection to the THHE application.
The charter contract — which is for EPCIC and leasing of a floating production storage and offloading facility to be deployed at the Layang field in Block SK10, offshore Miri, Sarawak — was initially made between JX Nippon Oil & Gas Exploration (Malaysia) Ltd and THHE.
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Malaysia’s Yinson Holdings In Talks To Buy TH Heavy Engineering’s FPSO

December 9, 2017

Come on, Sabah International Petroleum. Where you at?

Dateline 2017-10-27, Nikkei Asian Review:

Malaysian oil and gas services company Yinson Holdings is in “exploratory talks” with TH Heavy Engineering to buy the company’s floating production storage and offloading unit, its chief executive said Friday.

The talks come as Yinson looks at opportunities to invest in “distressed” oil and gas companies, Lim Chern Yuan told Nikkei Markets. There could be other deals in the pipeline, he said.

The company “sits on about 600 million ringgit ($141.49 million) in cash” to back potential acquisitions, and will not “have a problem raising capital” should the need arise, Lim said.

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THHE shifting business focus

January 3, 2017

Dateline 2016-11-28, NST:

TH Heavy Engineering Bhd (THHE) is shifting its business focus from oil and gas to supplying offshore patrol vessels (OPV), said Tabung Haji group managing director and chief executive officer Datuk Johan Abdullah.

He said the company might not be big on oil and gas any more as it wanted to focus on OPV contracts.

“It already has a fabrication yard. In Malaysia, we have only two. In China, 80 per cent of its fabrication yards are empty, which shows how bad it is in terms of oil and gas businesses on fabrication.

“What was being updated to me is that it is going to shift in terms of business focus,” he told the New Straits Times.

He said this when asked about updates on THHE following the arrest of its former CEO and two other personnel by the Malaysian Anti-Corruption Commission (MACC) on Nov 14.

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Tabung Haji slams attempt to link THHE financial performance to MACC arrest

December 24, 2016

Dateline 2016-11-18, NST:

Lembaga Tabung Haji (TH) has reiterated that it will not compromise on corruption, misappropriation and abuse of power.

Such matters, said TH, are viewed seriously, with the company constantly taking steps to enhance its corporate governance and good business practices measures in its operations.

Should such issues arise, TH will extend its fullest cooperation to the relevant authorities, it said.

“On the matter of the allegation linking business challenges faced by TH Heavy Engineering (THHE) to the recent arrest of the former CEO of the company, we believe this is clearly misleading and an attempt to confuse the public,” it said in a statement today.

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McDermott, TH Heavy Engineering dissolve partnership

November 15, 2016

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).

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Malaysia’s THHE Receives More Winding-Up Calls

September 2, 2016

I reaaaallly hope I don’t have to do this to get my money:

Dateline 2016-08-01, Rigzone:

Malaysia’s TH Heavy Engineering Berhad, a fabricator of offshore oil and gas facilities, disclosed Friday that winding-up petitions against the firm have been presented July 26 to The Kuala Lumpur High Court of Malaya from two companies for work completed, including that for a floating production facility to be deployed to the Layang field in Block SK10 off Sarawak, it said in separate filings with local stock exchange Bursa Malaysia.

The first winding-up petition was served by Nusapetro Sdn Bhd, with the firm seeking $399,001 (MYR 1,605,285), inclusive of interest rate, from TTHE. Nusapetro said the amount is for the supply of API610 centrifugal pumps package for the floating production, storage and offloading (FPSO) Layang project.

Bicara Sepakat Sdn Bhd also submitted a winding-up petition against TTHE’s 70 percent owned subsidiary THHE Fabricators Sdn Bhd, claiming $238,830.69 (MYR 960,877.98) inclusive of interest rate for the provision of piping fabrication, installation, hydrotest and reinstatement works.

“Except for the amount claimed, THHE is not expected to incur any further losses from the winding-up petition,” TTHE said in separate announcements, adding that it will seek necessary legal advice on the matter with a view of defeating the petition.

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Malaysia’s THHE Not Given More Time from JX Nippon to Complete Layang FPSO

June 26, 2016

Man, can you feel the hate to THHE? Though, in this case the hate seems to be in the article title, not the actual article itself.

Dateline 2016-06-01, Rigzone:

TH Heavy Engineering Berhad, an offshore oil and gas facilities fabricator, clarified Tuesday that the firm is not aware of the one year extension given by Japan’s JX Nippon Oil & Gas Exploration (Malaysia) Ltd. to complete the floating, production storage and offloading (FPSO) unit for the Layang field in Block SK10 offshore Sarawak, Malaysia as reported May 28 by a local media, it said in a filing on Bursa Malaysia.

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PETRONAS Carigali Bars THHE’s Unit from Participating in Tenders

May 20, 2016

I think this is the first time that complaints about the quality of service providers moved from the whining stage to black and white. In case you didn’t know THHE is a subsidary of Tabung Haji.

Dateline 2016-04-05, Rigzone:

TH Heavy Engineering Berhad (THHE) reported Monday that its 70-percent owned unit THHE Fabricators Sdn. Bhd. (TFSB) had received a letter from PETRONAS Carigali Sdn Bhd in connection to TFSB’s ongoing contract for the procurement, construction and commissioning (PCC) of KNPG-B Topside PH II for the Kinabalu Non-Associated Gas (NAG) Development Project (Kinabalu Project) offshore Malaysia that was awarded Jan. 28, 2014.

PETRONAS Carigali stated in the letter that “due to performance related issues pertaining to the execution of the Kinabalu Project, TFSB will be excluded from participating in future PETRONAS Carigali’s tender for a duration of 2 years,” TTHE said in a filing with local stock exchange Bursa Malaysia.

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