Malaysia Marine and Heavy Engineering Holdings Berhad (MHB) subsidiary Malaysia Marine and Heavy Engineering (MMHE), and Eastern Pacific Industrial Corp. Berhad (EPIC) have formed the joint venture MMHE EPIC Marine & Services to provide repair services of marine vessels, which includes dry docking repair, refit, refurbishment, maintenance and technical solutions at the ship repair facilities located in Kemaman, Terengganu.
MMHE is the majority shareholder with 70% shares and EPIC with 30% shares in the JV company that has the combination of MMHE’s existing expertise in marine and oil and gas services, and EPIC’s integrated facilities in Kemaman.
MMHE has the capability in ship repairs, dry docking upgrading, conversions, modifications and other shipyard-related business activities and able to provide full engineering, procurement, construction, installation and commissioning (EPCIC) for the offshore oil and gas industry.
Meanwhile, EPIC is in the business of service and facilities provider for the marine and oil and gas industries, comprising of an integrated customs bonded supply base, fabrication, threading, shut-down and maintenance services.
To support the JV, MMHE and EPIC have acquired a floating dock from Yeisu Ocean Co., South Korea, which was completed on 19 July 2016. The approximate 5000-tonne floating dock has been delivered to Kemaman on 30 July 2016.
“MMHE EPIC Marine & Services 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,” Cik Wan Mashitah Wan Abdullah Sani, MMHE’s acting CEO said. “Recognizing the needs of the ship-owners operating in the East Coast of Malaysia to have better access to repair and dry docking services nearer to their operations base, we believe the JV company is able to offer an attractive value proposition that will optimize ship owners and operators’ vessel availability and reduction in operations’ cost due to the strategic location of the facilities in Kemaman.”
“This is EPIC’s first Joint Venture agreement since its establishment 35 years ago,” En Noor Fadzil Mohamed Nor, EPIC group managing director and CEO 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.”