Singapore offshore vessel operator and marine engineering services provider Kim Heng has formed a new joint venture in Malaysia.
The company’s subsidiary, Kim Heng Agency, has joined forces with Malaysia’s RUHM Holdings and Wardatul Wahdah Binti Ahmad Nokman to establish a new company known as Mazu Offshore.
RUHM operates marine service vessels that support offshore exploration, drilling, construction and other activities in Malaysia. The company is also a shareholder in RUHM Marine, with whom Kim Heng’s KH Mazu Offshore & Marine formed another Malaysian jv in 2017.
Wahdah is currently the Malaysian country manager of KH Mazu Offshore & Marine and will be appointed as a director of the new jv company, holding a 20% stake.
Mazu Offshore will carry out the vessel agency business in Malaysia and other activities, including integrated logistics services. Kim Heng will own 49% of the company and appoint three directors to its board, while RUHM will get one board seat for its 31% stake.
“The investment in the jv company by Kim Heng Agency is expected to enhance the business potential of the Group in Malaysia and represents a further expansion by the Group of its offshore marine business in Malaysia. With this joint venture, the Group is well-positioned for the expected upturn of the oil and gas industry,” the company said in a filing.
