THHE-Yinson FPSO deal halted pending court ruling

PETALING JAYA: The Court of Appeal has allowed the application by Globalmariner Offshore Services Sdn Bhd (GMOS) to stay the proposed novation of the leasing for Layang FPSO facilities made between TH Heavy Engineering Bhd (THHE) and JX Nippon Oil & Gas Exploration (Malaysia) Ltd to Yinson Energy Sdn Bhd, an associate of Yinson Holdings Bhd, to appeal the deal.
THHE and Yinson told Bursa Malaysia that the court has further directed and/or ordered that GMOS' appeal be heard by February 2018.
The court has also fixed the appeal for further case management on January 30 to amongst others, fix a hearing date for the appeal.
The appeal was filed subsequent to the High Court's dismissal of GMOS' application to intervene in the High Court proceedings on December 21, 2017, when it granted THHE leave to enter into the proposed novation of the contract dated November 27, 2014.
Yinson’s share price fell 9 sen or 2.2% to close at RM4.06, while THHE declined half a sen or 4.2% to 11.5 sen.