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Viking sets up new jv in Busan

Viking sets up new jv in Busan
Viking Life-Saving Equipment is entering a joint venture with Korean marine safety equipment and servicing company Daemyung Marine to establish a local presence in Korea. 

The new jv, dubbed Viking Life-Saving Equipment Korea, will be majority owned by the Norwegian company and will be located in new premises at the Asian hub port of Busan. The facility will perform equipment transfers – for example, ready-packaged life rafts to provide fixed-price life raft exchanges under Viking’s Shipowner Agreement (SOA) contracts - to vessels calling Korean ports.

“With this new entity, we’re able to extend our product portfolio while speeding up the supply of safety equipment to shipowners in Korean ports,” says Viking ceo Henrik Uhd Christensen.

The facility is also close to Korea’s shipbuilders. “Investing in local stock points makes the most of the operating efficiencies Busan can offer ship managers and shipyards,” coimments Daemyung Marine president J.W. Lee. 

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