Malaysia's THHE Receives More Winding-Up Calls
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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