Malaysia Marine and Heavy Engineering Holdings’ (MHB) subsidiary, Berhad Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), has executed a joint venture (JV) agreement with Eastern Pacific Industrial Corp. Berhad (EPIC). Under the agreement, a JV company will be established, named MMHE EPIC Marine & Services Sdn Bhd. MMHE will hold 70% of the shares in the company, with EPIC holding the remaining 30%.
The JV company will provide repair services of marine vessels, including dry docking repair, refit, refurbishment, maintenance and technical solutions at the ship repair facilities located in Kemaman, Terengganu, Malaysia. The company will combine MMHE’s expertise in marine and oil & gas services with EPIC’s integrated facilities in Kemaman.
MMHE and EPIC have also acquired a floating dock from Yeisu Ocean Co. Ltd, South Korea, which was completed on 19 July 2016. The floating dock was delivered to Kemaman on 30 July 2016.
MMHE’s Acting Chief Executive Officer, Cik Wan Mashitah Wan Abdullah Sani, said: “MMHE EPIC Marine & Services Sdn Bhd has the competency and capabilities to deliver solutions – dry docking repair services within target cost and schedule; while maintaining the highest performance in safety, quality and ethics. Equipped with the proven track record of both EPIC and MMHE, the JV company aspires to become a major player in the marine repair and services industry.
“Recognising the needs of the ship-owners operating in the East Coast of Malaysia to have better access to repair and dry docking services nearer to their operations base, we believe the JV company is able to offer an attractive value proposition that will optimise ship owners and operators’ vessel availability and reduction in operations’ cost due to the strategic location of the facilities in Kemaman.”
En Noor Fadzil Mohamed Nor, Group Managing Director and Chief Executive Officer of EPIC, added: “This is EPIC’s first joint venture agreement since its establishment 35 years ago. We feel honoured to collaborate with MMHE and hope for this networking to continuously spread, possibly to a global scale, particularly in terms of investment in oil and gas sector […] Being a state-linked company, this Joint Venture agreement with MMHE can also be seen as part of the State’s sub-projects, in order to spearhead the oil and gas industrial sectors to grow stronger, and further contribute to the state’s economic sector.”
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/16082016/mmhe-and-epic-form-new-jv-2913/