Singapore’s offshore vessel chartering company Swiber, under judicial management since 2016, has formed a joint venture with Hong Kong-based Hilong Marine Engineering.
Swiber said on Wednesday that the joint venture with Hilong was formed through its subsidiary Swiber Offshore Construction.
The new firm, named Ocentra Offshore, will be incorporated and operated as a joint venture company in Singapore.
According to the company, the principal business of the new JV firm will be pipe-laying and integration of pipeline systems, offshore heavy lifting and installation, subsea tie-in and underwater maintenance, as well as barge and vessel management and chartering.
The new company will be incorporated with an initial issued and paid-up share capital of $200,000 with Swiber holding a 49% stake while Hilong will hold a 51% controlling share.
Under the shareholder’s agreement, the board of directors of the JV will comprise of three directors, of whom two will be appointed by Hilong, and one will be appointed by Swiber Offshore Construction.
Explaining its rationale for the JV, Swiber stated that the joint venture provides an opportunity to expand its existing business of vessel chartering and an opportunity to capitalize on the collective experience of the shareholders and, in turn, allowing Swiber to expand the business of providing offshore services.
It is worth noting that the JV company has not been incorporated yet and has not begun operations.
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