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MMHE forms ship repair joint venture with Terengganu's Epic

MMHE forms ship repair joint venture with Terengganu's Epic
Malaysian oil and gas (O&G) fabrication specialist Malaysia Marine and Heavy Engineering Holdings (MHB) is moving into the repair and maintenance space, announcing that is has formed a joint venture with Terengganu state-owned Eastern Pacific Industrial Corp Bhd (Epic) to undertake repair services of marine vessels.

MHB unit Malaysia Marine and Heavy Engineering (MMHE) has invested MYR7m ($1.7m) in a 70% stake in MMHE Epic Marine & Services, with Epic, which owns and manages the Kemaman Supply Base, taking the remaining stake.

The joint venture will make use of ship repair facilities in Kemaman, Terengganu and take on work including dry docking repair, refit, refurbishment, maintenance and technical solutions.

“Fully leveraging on the strength of both companies, the joint venture has the combination of MMHE’s existing expertise in marine and oil & gas services and Epic’s integrated facilities in Kemaman,” MMHE and Epic said in a joint press statement.

To support the joint venture company’s business, MMHE and Epic have acquired a floating dock from Korea's Yeisu Ocean. The 5,000-tonne floating dock has been delivered to Kemaman on 30 July.

MMHE’s acting ceo Wan Mashitah Wan Abdullah Sani said the shipowners operating in the East Coast needed to have access to repair and dry docking services nearer to their operations base and MMHE Epic would be able to offer an attractive value proposition that optimised shipowners and operators’ vessel availability and reduced operating cost,

Noor Fadzil Mohamed Nor, Epic’s group managing director and ceo, said this was Epic’s first joint venture agreement since it was established 35 years ago.

“We feel honoured to collaborate with MMHE and hope for this networking to continuously spread, possibly to a global scale, particularly in terms of investment in oil and gas sector,” he said.