THHE, Yinson Layang FPSO deal hits hurdle

Malaysia’s THHE and Yinson’s previously agreed Layang FPSO contract novation from THHE to Yinson has hit a stumbling block.

Namely, the two companies have informed that the Court of Appeal January 10, 2018, allowed an application by Globalmariner Offshore Services Sdn. Bhd. (“GMOS”) to stay THHE’s validation application of the novation pending GMOS appeal.

Globalmariner Offshore Services, which was in 2014 awarded a contract to provide manpower and expertise in support of the Layang field FPSO, is to be heard by February 2018.

“The Court of Appeal has also fixed the appeal for further case management on 30 January 2018 to amongst others, fix a hearing date for the appeal. Briefly, the appeal was filed subsequent to the High Court’s dismissal of GMOS’ application to amongst others, intervene in the High Court proceedings on 21 December 2017,” THHE said.

Layang

Back in November 2017, TH Heavy Engineering Berhad, which is building the FPSO, applied to a Malaysian court 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 had no objection to the THHE application.

The original charter contract is for the engineering, procurement, construction, installation and commission and leasing of an FPSO to be deployed at the Layang field in Block SK10, offshore Miri, Sarawak and is to be novated by THHE to Yinson.

As previously reported, THHE’s Layang FPSO delivery delay has been caused by the company’s liquidity issues.

The engineering and construction company was in June 2014 awarded a contract for the conversion and delivery of the Deep Producer 1 FPSO, to be used for oil production from JX Nippon’s Layang field.

 

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

FPSO Roundtables 2018

The entire FPSO value chain is now critically aware of how conventional modes of cooperation and project delivery must change in light…

read more >

International Petroleum (IP) Week 2018

International Petroleum (IP) Week, hosted by the Energy Institute (EI) is a renowned and highly respected event where leaders from the global…

read more >

8th Myanmar Oil, Gas & Power Summit

The Myanmar Oil and Gas Summit is the longest established Oil & Gas event in Myanmar. Every year the event is attended by government…

read more >

FPSO Europe Congress 2018

The FPSO Europe Congress 2018 builds on these themes, lending a particular focus to FPSO Value Preservation and Operational Excellence…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply