Singapore offshore company Swiber Holdings' wholly-owned subsidiary, Swiber Offshore Construction (SOC) has entered into a shareholder's agreement with Hilong Marine Engineering (HME) to establish a joint venture company in Singapore.
The shareholders (51% Hilong and 49% Swiber) have named the new company – Ocentra Offshore. New joint venture to target offshore construction and installation sector.
According to the company, the principal business of the new JV firm will be pipe-laying and integration of pipeline systems, offshore heavy lifting and installation, subsea tie-in and underwater maintenance, as well as barge and vessel management and chartering.
The JV Company will be held by Hilong Marine Engineering and SOC as to 51% and 49%, respectively, representing their cash contributions to the JV Company for the initial paid-up share capital of the JV Company.
The board of directors of the JV Company will comprise three directors, of which two directors will be appointed by Hilong Marine Engineering, and one director will be appointed by SOC.
Hilong Marine Engineering specializes in offshore petroleum engineering business and transportation and installation (T&I) project engineering and management.
SOC is a highly qualified and well-regarded contractor in the EPCI business, possessing in-house engineering capabilities and seasoned management in the oil and gas market, and have executed projects all over the world.
With their rich experience in tendering, EPCI and T&I projects, SOC have access to major oil companies and clients.