Kuala Lumpur: TH Heavy Engineering is upgrading its fabrication yard so that it can make more than 20,000 tonnes of steel a year.
TH Heavy has also said it is also looking to diversify into the Floating Production Storage and Offloading (FPSO) construction and ownership sector. It has made a bid for its first FPSO contract and is awaiting to hear if it has won, with a decision due in the coming couple of months.
TH Heavy has plans to own a number of FPSOs in the future as it looks to hedge its revenues. [27/03/14]