Singapore-headquartered offshore marine service contractor Kim Heng and South Korea’s marine and civil work construction company Heungwoo Industrial have entered into a joint venture agreement (JVA) to incorporate a joint venture (JV) company in Korea.
Kim Heng’s 50%-owned subsidiary Thaitan International (TTI) entered into the JVA on August 24 to subscribe for shares in the JV company to be incorporated in Korea, to be known as Heungwoo Thaitan.
According to the Singaporean firm, the investment in the JV company by TTI is expected to enhance the group’s business potential in horizontal directional drilling (HDD), pipe jacking and direct pipe works onshore and offshore in Korea.
Heungwoo Industrial will provide administrative, legal, finance and construction support services, including provision of certain project personnel, site and access preparation, local procurement of materials, consumables and support equipment, provision of marine support and diving services, logistics and transportation, and safety control.
TTI will deliver administrative, legal, finance, feasibility studies, front-end engineering design (FEED) services, detailed engineering, project management, specialist trenchless construction equipment, personnel, construction execution, and safety control.
The joint venture’s board of directors shall comprise two directors, with each party having the right to appoint one. The director appointed by TTI shall serve as chief operating and financial officer, while the director appointed by Heungwoo shall serve as the chief executive officer (CEO).