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."
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