Titan Quanzhou Shipyard, an indirect wholly-owned subsidiary of Titan Petrochemicals Group, will build one semi-submersible and two jack-up rigs for FTS Derricks, subsidiary of FEG.

Separately, the yard will also construct two semi-submersibles, four jack-up rigs and two FSRUs for GZE, which is the controlling shareholder of Titan Petrochemicals.

Financial details of both the deals were not disclosed.

In conjunction with the orders, Titan Petrochemicals said GZE has agreed to a loan of at least RMB60m to Titan Quanzhou Shipyard for working capital.

Hong Kong-listed Titan Petrochemicals, whose shares continued to be suspended from trading, is itself going through a debt restructuring.