MMHE sets up Malaysian JV
LNG carrier repair specialist Malaysia Marine and Heavy Engineering (MMHE) has established a joint venture with Eastern Pacific Industrial Corporation (EPIC).
The principal objective of the joint venture company, named MMHE Epic Marine & Services is to provide repair services of marine vessels which include dry-docking repair, refit, refurbishment, maintenance and technical solutions at the ship repair facilities located in Kemaman, Terengganu.
MMHE is the majority shareholder with 70 percent shares and EPIC with 30 percent shares in the JV, Malaysia Marine and Heavy Engineering Holdings (MHB), the parent company of MMHE said in its filing to the Malaysian stock exchange.
The combination of the two companies is aiming to provide full engineering, procurement, construction, installation and commissioning services for the offshore oil & gas industry.
In support of the joint venture, the two companies have acquired an approximately 5,000-ton floating dock from Yeisu Ocean from South Korea, which was completed and delivered to Kemaman in July.
In total, MMHE Epic Marine & Services has an authorized capital of 25 million Malaysian ringgit (US$6.27m).
1 Malaysian ringgit = 0.251001 U.S. dollars