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TH Heavy’s money woes getting worse
BY F SAAD | 23 Jun 2017 00:30

When it rains, it pours. Things have gone from bad to worse for oil and gas (O&G) facilities fabricator, TH Heavy Engineering Bhd, and there seems to be no solution in sight.

Since the oil price crash in 2014, the Practice Note (PN) 17 company has been unable to resolve its cash flow woes.

Now, it may lose one of its floating production, storage and offloading (FPSO) projects that could bring it out of financial distress as it has been unable to rustle up enough money to complete it.

An industry source says TH Heavy may no longer proceed with the US$372 mil (RM1.6 bil) Layang FPSO project due to lack of funding.