The Board of Singapore’s Kim Heng Offshore & Marine Holdings Limited has announced that the Company’s wholly owned subsidiary, Kim Heng Marine & Oilfield Pte Ltd (KHMO) has entered into a non-binding memorandum of understanding (MoU) with the Iran Marine Fund (IMF) to explore opportunities in the marine and oil and gas areas, including:
- Chartering of KHMO’s fleet and marine facilities;
- Purchasing of offshore vessels;
- Procurement & Supply Chain Management;
- Rig Management Services; and
- Maintenance & Refurbishment of structures, facilities & rigs
The IMF is a state-owned enterprise of the Ministry of Industry, Mining and Trade of the Islamic Republic of Iran. The IMF has been established with the aim of achieving sustainable development and act as the interface between the government and the private sector, through the provision of finance and technology.
The Board believes that the strategic partnership represents a good opportunity for the Company to widen its global client network and better position the Company to secure projects in Iran and its surrounding areas.
The Board wishes to clarify that under the MOU, the total value of the projects to be entered into under the strategic partnership shall be up to €400 million over a period of 10 years. This represents only an estimated value of the intended projects under collaboration with IMF. The commercial terms and form of financing for each project under the strategic partnership will be negotiated on a project by project basis and documented in definitive agreements. As such, there is no certainty that any of the projects will materialise or that any definitive agreements could be entered into.
(Source: Kim Heng)