Malaysia Marine and Heavy Engineering (MMHE), a subsidiary of Malaysia Marine and Heavy Engineering Holdings (MHB), has entered into a joint venture (JV) agreement with Eastern Pacific Industrial (EPIC) to form a new marine vessels repairing company.
The new JV, called MMHE EPIC Marine & Services, will provide marine vessels repair services, which include dry docking repair, refit, refurbishment, maintenance and technical solutions at ship repair facilities located in Kemaman, Terengganu, Malaysia.
In MMHE EPIC Marine & Services, MMHE owns a 70% stake and the remaining 30% is owned by EPIC.
The JV has MMHE’s existing expertise in marine and oil and gas services and EPIC’s integrated facilities in Kemaman.
In order to operate the new company, MMHE and EPIC have already acquired a floating dock with an around 5,000t capacity from South Korea’s Yeisu Ocean.
Last month, the floating dock was delivered to Kemaman.
Malaysia Marine and Heavy Engineering acting chief executive officer Cik Wan Mashitah Wan Abdullah Sani said: “MMHE EPIC Marine & Services Sdn Bhd has the competency and capabilities to deliver solutions, dry docking repair services within target cost and schedule; while maintaining the highest performance in safety, quality and ethics.
“Equipped with the proven track record of both EPIC and MMHE, the JV Company aspires to become a major player in the marine repair and services industry.”
MMHE is involved with ship repairs, dry docking upgrades, conversions, modifications and other shipyard-related business activities, and offers full engineering, procurement, construction, installation and commissioning (EPCIC) for the offshore oil and gas industry.
Eastern Pacific Industrial group managing director and CEO En Noor Fadzil Mohamed Nor said: “Being a state-linked company, this joint venture agreement with MMHE can also be seen as part of the State’s sub-projects, in order to spearhead the oil and gas industrial sectors to grow stronger, and further contribute to the state’s economic sector.”
EPIC offers services to the marine and oil & gas industries, including an integrated customs bonded supply base, fabrication, threading, shut-down and maintenance services.