TH Heavy hit with wind-up petitions over $9M debt
TH Heavy Engineering (THHE) has been served with two winding-up petitions over an alleged debt of around $8.9 million in total, for the supply of equipment and work done on the Layang floating, production, storage and offloading (FPSO) vessel.
In two separate Bursa Malaysia filings from Tuesday, THHE said that the first petition was placed by MIB Italiana on Monday for a sum of around $1.3 million for the supply and installment of quick release hook & mooring hawser for the FPSO.
The second petition was also placed on Monday by Orwell Offshore for a sum of around $7.6 million in relation to the supply of equipment and machinery for the Layang.
Both petitions were submitted to the Kuala Lumpur High Court with case management fixed for July 15 and July 20, respectively.
THHE said that it has sought necessary legal advice and that its intention is to defeat both petitions altogether. The company added that it does not expect any further losses from the petitions except for the amounts claimed.
To remind, the Layang FPSO conversion project was awarded in 2014 by JX Nippon Oil & Gas Exploration for the Layang oil and gas field located in Block SK10, offshore Sarawak.
Source: Offshore Energy Today
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