Kim Heng Sets Up Offshore Wind Joint Venture Company in Taiwan
- Business & Finance
Singaporean offshore services provider Kim Heng Marine & Oilfield (KHMO) has established a joint venture company with a Taiwanese company to jointly pursue offshore wind projects in Taiwan.
The joint venture company, Bridgewater Marine (Taiwan) Limited, is 51 percent owned by the Taiwanese company and 49 percent owned by KHMO.
In addition to the joint venture company, KHMO’s sister company, Mazu Land & Marine Works, has incorporated a branch in Taiwan called Mazu Land & Marine Works Pte. Ltd. (Taiwan Branch).
KHMO and Mazu Land & Marine Works are wholly-owned subsidiaries of Kim Heng Offshore & Marine Holdings Limited.
Bridgewater Marine (Taiwan) Limited and Mazu Land & Marine Works Pte. Ltd. (Taiwan Branch) are intended to expand the group’s offshore and marine business into Taiwan to support offshore wind farm projects by chartering vessels to clients.
The setup will provide a marine spread and support services for the installation of horizontal directional drilling conduits by Hung Hua Construction Co. Ltd related to the submarine cable installation works for an offshore wind project in Taiwan announced in February 2020.
Kim Heng Offshore & Marine says that the group has been seeking more works in the offshore wind energy sector not directly impacted by the oil price, in which it can maximise usage of its offshore assets and technical know-how.