Malaysia's TTHE Receives Winding-up Petitions Over Work on FPSO Layang

Malaysia's TH Heavy Engineering Berhad (THHE), a fabricator of offshore oil and gas facilities, reported that winding-up petitions against the firm have been submitted to the Kuala Lumpur High Court from two companies over work on a floating production facility to be deployed to the Layang field in Block SK10 offshore Sarawak, it said in separate filings Tuesday with local stock exchange Bursa Malaysia.

The first winding-up petition was served by Orwell Offshore Ltd., with the latter claiming $7,604,440.74 inclusive of interest rate from TTHE.

"It was contended by the Petitioner (Orwell) that THHE owes the Petitioner the sums claimed for the supply of equipment and machinery for the FPSO (floating production, storage and offloading) Layang project to the Petitioner," according to the filing.

MIB Italiana S.p.A. also served a winding-up petition against THHE, claiming $1,266,496.80 plus interest rate for the supply and installation of quick release hook & mooring hawser for the FPSO Layang project.

TTHE does not expect to incur any further losses from the winding up petitions apart from the amount claimed by Orwell and MIB Italiana and it is seeking legal advice on the two cases.

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