TH Heavy Engineering Berhad (“Thhe” Or The “Company”) - Letter Of Award From JX Nippon Oil & Gas Exploration (Malaysia) Limited(

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16 May 2014

The Board of Directors of TH Heavy Engineering Berhad (“Company”) is pleased to announce that it has received a Letter of Award (“Award”) from JX Nippon Oil & Gas Exploration (Malaysia) Limited (“JX Nippon”) dated 9 May 2014 (“Letter of Award”) for the Provision of Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) and Leasing of the Floating Production Storage and Offloading (FPSO) Deep Producer 1 for the Layang Development Project, located in Block SK10, offshore Sarawak, Malaysia (“the Lease”).

INFORMATION ON THE AWARD

2.1 Under the Award, the Company is to:-

(a) undertake the Engineering, Procurement, Construction/Fabrication/Conversion, Installation and Hook-Up and Commissioning of FPSO facilities;

(b) Lease of FPSO facilities upon completion of Engineering, Procurement, Construction/Fabrication/Conversion, Installation and Hook-Up and Commissioning until 17 November 2023;

(c) Provide the option to extend the lease of FPSO facilities for one (1) year up to a maximum period of 10 years from 18 November 2023.

2.2 The Award is effective from the date of acknowledgement of receipt of the Letter of Award by the Company.

2.3 The Award is estimated to have a contractual value of US$372 million (equivalent to approximately RM1.2 billion based on prevailing exchange rate as at 9 May 2014) for the primary period with the additional potential of up to US$457 million (equivalent to approximately RM1.47 billion based on prevailing exchange rate as at 9 May 2014) should the full extension options be exercised.

2.4 FPSO Deep Producer 1 is owned by Floatech (L) Ltd, a 80% subsidiary of the Company. Floatech (L) Ltd was incorporated in Labuan on 19 August 2011 and is principally engaged in owning and operating the FPSO vessel.


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