Titan seals deal to hold on to shipyard

Troubled Titan Petrochemicals Group seems to have gained a breakthrough in its negotiations to retain some control over its shipyard subsidiary, Titan Quanzhou Shipyard.

The Hong Kong listed-company has sealed a memorandum of understanding (MOU) with an undisclosed Asian oil rig manufacturer it had been negotiating with since July as well as another party for long-term cooperation in the management and operation of the shipyard.

Titan noted in a stock market announcement however that the MOU "is non-legally binding except for certain provisions such as confidentiality and governing law. The implementation of the transactions under the MOU are subject to execution of formal legally binding agreements to be agreed upon by the parties by 31 December 2013 or such later date as the parties may agree."

Posted 12 November 2013

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Vincent Wee

Asia Editor, Seatrade Maritime News

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