Court dismisses action against Layang FPSO novation to Yinson

PETALING JAYA: Globalmariner Offshore Services Sdn Bhd’s (GMOS) appeal against the High Court’s validation order in relation to 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 Holdings Bhd’s associate company Yinson Energy Sdn Bhd has been dismissed by the Appellate Court.
In a filing with the stock exchange, Yinson’s board of directors said that the court in its ruling on Feb 12, has also refused GMOS’ oral application for an ad interim stay on the Appellate Court’s order on the dismissal of GMOS’ appeals.
Meanwhile in a separate filing, TH Heavy Engineering Bhd said the Appellate Court dismissed GMOS application to “intervene in the High Court proceedings of the scheme of arrangement of the scheme companies as well as against the validation order granted by the High Court on Dec 21, 2017 pursuant to Section 368 (4) of the Companies Act, 2016 which allowed its 80% owned subsidiary Floatech (L) Ltd to novate the JX Nippon contract to Yinson Energy Sdn Bhd.
Floatech owns Layang FPSO, a company in which GMOS holds the remaining 20% stake.
TH Heavy’s share price was down one sen to 8.5 sen, while Yinson closed unchanged at RM4.10 today.