A subsidiary of Singapore offshore vessel operator and marine engineering services provider Kim Heng has inked a non-binding memorandum of understanding with KOMS Co. Ltd. to cooperate on offshore wind farm projects and other offshore projects in South Korea.
Kim Heng said that the subsidiary in question is Kim Heng Offshore & Marine. The MoU will last for five years with extension options by mutual agreement. Kim Heng added that each party may terminate this MoU by providing thirty days’ notice to the other party.
KOM is an EPC services provider for offshore field development, pipe laying, subsea structure, transport and installation, modifications, upgrades, operation, maintenance, decommissioning, and removals of rigs.
Kim Heng informed that none of the directors, controlling shareholders or substantial shareholders of the company or their respective associates has any interest in the MoU, except for their respective shareholdings in the company, if any.
The company also warned shareholders and potential investors to exercise caution when dealing in the securities of the company as there was no assurance that business transactions under the MoU will materialise.
Kim Heng did add that it would provide the necessary updates when there are material developments to the MOU and the execution of a definitive agreement.
The Singapore-based firm has been active this year with two major deals in recent months. In February, Kim Heng picked up nine second-hand OSVs for a bargain price of $9.28m and in early May it won a $7.8m contract with an unnamed construction company in Taiwan.
