TH Heavy sells stake in Floatech

Kuala Lumpur: Malaysian offshore manufacturer TH Heavy has sold a 20% stake in subsidiary Floatech for $13.13m to Globalmariner Offshore Services (GMOS).

Floatech is in the business of ownership and leasing of Floating, Production, Storage and Offloading (FPSO) vessels to upstream oil and gas companies.

GMOS is based in Malaysia also and is involved in the provision of consulting and management services specializing FPSOs and offshore marine services.  [20/02/14]

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