Titan inks oil rig MoU

Hong Kong-listed Titan Petrochemicals Group has signed a memorandum of understanding with an Asian rig builder and a third party to jointly operate an oil rig manufacturing business.

Titan revealed in July that it had been in talks with an unnamed Asia-based offshore oil rig manufacturer about a possible collaboration.

The company said on Tuesday that this cooperation, which is expected to be long term, would involve utilising and adapting the production facilities at Titan’s shipyard in Quanzhou, China.

Under the proposed deal, the shipyard would be used to manufacture oil drilling platforms, offshore oil production engineering equipment and for the conversion of ships.

Titan said the MoU is non-legally binding and remains subject to formal legally binding agreements to be approved by all parties by 31 December 2013.
Source: Up Stream Online