Deals this week: Malaysia Marine and Heavy Engineering, SRT Marine Systems, Vard Holdings
Malaysia Marine and Heavy Engineering (MMHE) Eastern Pacific Industrial (EPIC) have signed an agreement to form a joint venture (JV) called MMHE EPIC Marine & Services, which will provide repair services to marine vessels.
MMHE has a majority stake of 70% in the JV, while EPIC holds the remaining amount. The JV aims to exploit MMHE’s expertise in marine and oil and gas services, and EPIC’s integrated facilities in Kemaman, Malaysia.
A 5,000t capacity floating dock has been purchased by the two companies in order to facilitate the new company’s operations.
SRT Marine Systems (SRT) and exactEarth (eE), a Canadian automatic identification solutions (AIS) provider, have signed a new deal following the revision of an existing AIS satellite agreement between the two companies.
The agreement is related to technology called ABSEA, in which the two companies own intellectual property rights. The technology is used by eE satellite's AIS network to detect transmissions from AIS Class B transceivers that are equipped with ABSEA.
The new non-exclusive deal provides equal rights to both the companies to use the technology, with SRT entitled to receive a share of eE’s revenue from selling ABSEA data.
Vard Holdings, a shipbuilder based in Norway, has signed a cruise shipbuilding contract with Ponant, a cruise company based in France.
As part of the contract, Vard will build four luxury expedition cruise vessels that will be 131m-long, 18m-wide, and have a gross tonnage of approximately 10,000 gross register tonnage (GRT).