PKR reveals more losses for Tabung Haji in deal with oil and gas company

June 21, 2015

I suggest you investigate (and invest) in THHE. The share prices will awake, same time as The Force. Really.

Dateline 2015-05-18, TMI:

Lembaga Tabung Haji has also incurred millions of ringgit in losses from another investment with an oil and gas company, PKR said today, even before questions about the pilgrims’ fund’s purchase of land from debt-ridden 1Malaysia Development Bhd (1MDB).

Tabung Haji’s purchase of shares from oil and gas support services counter Ramunia Holdings Bhd, resulting in losses based on the current price of its shares, had gone unnoticed, PKR lawmaker Rafizi Ramli (pic, right) said today when debating the Capital Markets and Services (Amendment) Bill 2015 in the Dewan Rakyat.

The Pandan MP said that in 2007, Tabung Haji had progressively bought shares in Ramunia Holdings, and by the end of 2008 held 25% of the company’s shares, which it purchased for between RM1 and RM1.40 per share.
In June 2012, the company was renamed TH Heavy Engineering to reflect the fund’s interest in the company.
Currently, the shares are trading at 30 sen per share, Rafizi said, which meant that Tabung Haji had incurred losses worth millions of ringgit from this one investment alone.

 

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Bertam project enters construction phase offshore Malaysia

July 1, 2014

Dateline 2014-05-08, Offshore Magazine:

 Lundin Petroleum says its Bertam oil field development offshore Peninsular Malaysia is on schedule for start-up in spring 2015.

The field, in the PM307 block, will be developed using a 20 slot wellhead platform alongside the spread-moored IkdamFPSO.

Development drilling will start this summer. Lundin plans 13 horizontal wells and one deviated well completed with electrical submersible pumps.

TH Heavy Engineering is building the platform at its yard in Pulau Indah, close to Kuala Lumpur. The jacket is expected to be installed offshore this summer, followed by the topside during 4Q.

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TH Heavy Engineering Lands Topside Deal for Kinabalu NAG Project off Sabah

March 13, 2014

THHE seems busy now. Permas, Layang and now Kinabalu NAG. Hold on, isn’t Kinabalu Talisman’s field?

Dateline 2014-02-06, Rigzone:

TH Heavy Engineering Berhad, a Malaysia-based engineering and marine contractor, revealed Wednesday that its subsidiary, THHE Fabricators Sdn. Bhd. (TFSB) has received a Letter of Award from Petronas Carigali Sdn Bhd (PCSB) Jan. 28 for the supply of a topside for the Kinabalu Non-Associated Gas (NAG) Development Project in Malaysia, the firm said in an announcement on local stock exchange Bursa Malaysia .

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TTHE Bags Deal to Build Wellhead Platform for Bertam Oil Field in PM307

January 11, 2014

Old news, but good.

Dateline 2013-11-14, Rigzone:

TH Heavy Engineering Berhad (THHE), an offshore oil and gas facilities fabricator, reported that its wholly owned subsidiary, THHE Fabricators Sdn. Bhd. (TFSB) has received a Letter of Award from Lundin Petroleum’s unit Lundin Malaysia B.V. (Lundin) Nov. 4 to fabricate a wellhead platform for the PM307 Bertam field development project off Pahang, Malaysia.

Under the contract, TFSB will fabricate the wellhead platform for the Bertam project, which is located about 108 miles (175 kilometers) off the east coast of Peninsular Malaysia. The wellhead platform is scheduled for completion in about 12 months.

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McDermott, THHE Formalize JVs to Tap Malaysia’s EPCIC Market

November 27, 2013

Dateline 2013-10-04, Rigzone:

McDermott International, Inc. (McDermott) reported Thursday that the company’s affiliates and Malaysia-based TH Heavy Engineering Berhad (THHE) have confirmed the formalization of several Joint Ventures. The joint ventures were formally approved by THHE shareholders at their annual general meeting June 3.

“This is a milestone occasion for both companies” said Scott Cummins, senior vice president and general manager, McDermott in Asia Pacific. “We have worked together on previous international bids as prime contractor and subcontractor, but with the new joint ventures we are both better able to commit and combine resources to enhance our joint Malaysian business. “

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