Further to our announcements dated 4 April 2016 and 10 October 2017 where the Company’s wholly-owned subsidiary, THHE Fabricators Sdn. Bhd. (“TFSB”) was excluded by PETRONAS as a main contractor and from certain work scopes, the Company wishes to announce that TFSB had on 7 January 2020 obtained PETRONAS license to Supply Product/Service to Exploration and Oil/Gas Companies in Malaysia (“License”).

The duration of the License is from 24 December 2019 to 23 December 2022. The approved License categories are as follows:-

i) Mechanical Eng. Maintenance - Topside Piping & Structural;
ii) Offshore Facilities Const-Major Fabrication - Offshore Facilities (Closed for all types License and registration application-exclusively managed by PETRONAS); and
iii) Tanks/Tank Farms.

With the newly approved License, TFSB will now be eligible to be invited to bid for PETRONAS projects for the abovementioned categories.

The Company will continue to provide updates from time to time on any further material development on this matter.

This announcement is dated 14 January 2020.