Kuala Lumpur: Malaysian offshore services company Nam Cheong has announced that subsidiary, Nam Cheong Pioneer, has set up a jv with Indonesian firm PT Bahtera Niaga Internasional to jointly invest in a shipping company in Indonesia.
The jv, the company said, is for owning, operating and chartering of marine vessels for transportation, exploration and production activities in the oil and gas industry and to manage the maintenance of marine vessel and provision of offshore marine service".
The deal involves Nam Cheong acquiring a 49% stake in PT Bahtera Niaga Indonesia at US$1.5m, in a move that gives Nam Cheong access to the growing Indonesia market. [19/09/13]
