TH Heavy Engineering says in talks to sell FPSO to Yinson

PETALING JAYA: TH Heavy Engineering Bhd (THHE) said it is in talks to dispose of its floating, production, storage and offloading (FPSO) unit to Yinson Holdings Bhd.
However, THHE noted that at the current juncture, the proposal remains in discussion stage.
"The company has long been exploring various ways to partly crystallise its investment in the FPSO Layang project and as part of this initiative, the company is currently still in discussion with JX Nippon Oil & Gas Exploration (Malaysia) Ltd and Yinson relating to Yinson taking over the company's FPSO vessel charter from JX Nippon," THHE said in a filing with the stock exchange in response to news report on the potential disposal deal.
THHE shares which have seen heightened trading activity in the last few days, rose one sen or 9% to 12 sen with some 28.4 million shares changing hands. Yinson shares gained eight sen or 2% to RM3.98 with some 827,200 traded.