Guangzhou: Hong Kong-listed Titan Petrochemicals has announced it has entered into a framework agreement with Singapore-listed Falcon Energy Group (FEG) for the construction of one semi-submersible and two jackup platforms at its subsidiary yard, Titan Quanzhou Shipyard.
Titan Petrochemicals has also signed a memorandum of understanding with its controlling shareholder Guangzhou Zhenrong Energy (GZE), in which GZE has agreed to order two semi-submersibles, four jackups and two FSRUs at Titan Quanzhou Shipyard.
In the meantime, GZE has agreed to provide up to RMB60m ($9.67m) to Titan Quanzhou Shipyard for working capital.
Titan Petrochemicals is currently working on a series of restructuring plans with the support of GZE. Its proposed scheme of arrangement between the company and creditors has been sanctioned by the Supreme Court of Bermuda in November 2014.
