MMHE's Dry Dock at its yard in Pasir Gudang Johor
KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd
(MHB) has formed a joint venture (JV) with Terengganu state-owned Eastern Pacific Industrial Corp Bhd (Epic) to undertake repair services of marine vessels.
The energy sector and marine services provider told Bursa Malaysia that its unit Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) had set up a 70% owned subsidiary, MMHE Epic Marine & Services Sdn Bhd, by subscribing to RM7mil worth of shares.
EPIC, which owns and manages the Kemaman Supply Base, holds the remaining shares.
MHB, a subsidiary of MISC Bhd, said the repair services to be undertaken at the ship repair facilities in Kemaman, Terengganu, included dry docking repair, refit, refurbishment, maintenance and technical solutions.
“Fully leveraging on the strength of both companies, the JV has the combination of MMHE’s existing expertise in marine and oil & gas services and Epic’s integrated facilities in Kemaman,” MMHE and Epic said in a joint press statement.
To support the JV company’s business, MMHE and Epic have acquired a floating dock from Yeisu Ocean Co Ltd, South Korea. The approximate 5,000-tonne floating dock has been delivered to Kemaman on July 30.
MMHE’s acting chief executive officer Wan Mashitah Wan Abdullah Sani said the ship-owners operating in the East Coast needed to have access to repair and dry docking services nearer to their operations base and MMHE Epic would be able to offer an attractive value proposition that optimised ship owners and operators’ vessel availability and reduced operation cost,
Noor Fadzil Mohamed Nor, Epic’s group managing director and chief executive officer, said this was Epic’s first JV agreement since it was established 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,” he said.
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