Denmark-based Viking Life-Saving Equipment has announced a joint venture (JV) agreement with Korean marine safety equipment and servicing company Daemyung Marine, in a bid to establish its presence in Korea.

Viking will hold a major share in the new entity named as Viking Life-Saving Equipment Korea.

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The joint venture is said to be a strategic extension of a more than 30-year long partnership between Viking and Daemyung Marine.

"With this new entity, we’re able to extend our product portfolio while speeding up the supply of safety equipment to ship-owners in Korean ports."

It aims to provide the Korean-origin and foreign-flag ship managers in the cargo, passenger and offshore segments an access to Viking’s range of merchandise and service concepts.

Viking CEO Henrik Uhd Christensen said: "With this new entity, we’re able to extend our product portfolio while speeding up the supply of safety equipment to ship-owners in Korean ports."

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As per the joint venture agreement, the Korean facility will stock ready-packaged life rafts to provide fixed-price life raft exchange to vessels harbouring in Korean ports.

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The new investment is in Port Busan, which reportedly is the largest port in South Korea and a key hub in the Asian region.

It is equipped with four modern cargo ports, as well as an international passenger terminal and six container terminals.

Daemyung Marine founder and president JW Lee said: "Investing in local stock points makes the most of the operating efficiencies Busan can offer ship managers and shipyards."

According to the industry-leading Shipowner Agreement (SOA), Viking serves as the single point of contact managing the service schedules.

A SOA is a combination of products and services available globally coupled with financing in fixed price structures.