Marco Polo and Nam Cheong form jv

Singapore: Singapore offshore operator Marco Polo Marine and Malaysian shipbuilder Nam Cheong have formed a joint venture company, following the $50m sale of a 50% stake in Marco Polo Offshore to Nam Cheong today.
 
The new company has moved quickly to purchase a new-build 200-man accommodation work vessel constructed by Nam Cheong. 
 
The vessel has been chartered out on a long-term firmed five-year bareboat contract valued at over $27m, with a possible two-year plus subsequent two-year further extension options. It will be utilised to support a regional growing offshore and marine services provider and is expected to be deployed in the regional waters by early September 2014.
 
Sean Lee, ceo of Marco Polo Marine, commented, “We are pleased to have formed this JV with Nam Cheong. The advantages of this venture are indeed multi-fold but principally, we are able to combine our respective group’s strengths in ship-chartering and ship-building to expand our businesses. Tapping on our chartering network, we are exploring the possibilities of the joint ownership of more vessels and indeed we look forward to provide more comprehensive service offerings to our chartering clients.” 
 
Leong Seng Keat, ceo of Nam Cheong, remarked, “Having a strong partner like Marco Polo enables the JV to tap on the key competencies of both Marco Polo and Nam Cheong. We believe that having Marco Polo’s experience and wide network of business relationships in the vibrant chartering space while leveraging on Nam Cheong’s strengths in constructing high quality vessels put this mutually beneficial partnership in a unique position. We are excited by the prospects and look forward to having this robust relationship serve as a good platform for future strategic collaborations for the benefit of our stakeholders.” [19/08/14]
 
 
 
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