September 10, 2013

TH Heavy Engineering and Coral Intoil to Undertake Hook-Up and Commissioning Projects

TH Heavy Engineering Bhd has signed a joint-venture agreement with Coral Intoil Sdn Bhd to undertake hook-up and commissioning projects.

The company said the partnership would subscribe shares in the joint-venture company, THHE Offshore Services Sdn Bhd, and in turn, would undertake hook-up and commissioning projects.

"The timeframe for completion shall take place on a day falling within 30 days after the date of the joint-venture agreement," the company said in a filing to Bursa Malaysia on Tuesday.

The company said the source of funding would be determined from time to time as stated in the agreement.

The principal activities of Coral Intoil are providing oil and gas advisory services in onshore fabrication and offshore hook-up.

It is also involved in commissioning, retrofitting and transportation and installation as well as the trading of certain niche products.

Source: Bernama