New JV gives Viking Life Saving local presence in Korea

JANUARY 7, 2016 — Esbjerg, Denmark, headquartered marine safety equipment manufacturer and servicing provider Viking Life-Saving Equipment A/S is to establish a local presence in Korea through a joint venture agreement with long time Korean partner Daemyung Marine Co. Ltd.

The new joint venture, Viking Life-Saving Equipment Korea LLC, aims to bring faster access for Korean-based and foreign-flag ship managers to the full range of Viking products and service concepts.

"Moving as a joint venture into a larger, brand-new and purpose-built facility, and integrating staff competencies from both companies represents a natural evolution for us together with Daemyung," says Viking CEO Henrik Uhd Christensen. "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."

A local presence also strengthens Viking's ability to deliver on the full potential of its Shipowner Agreement (SOA) contracts in the region. These combine global product availability and servicing with financing in fixed price structures – and with service schedules managed from a single point of contact at Viking. Under the joint venture agreement, for example, the Korean facility will stock ready-packaged liferafts to provide fixed-price liferaft exchange to vessels calling Korean ports.

The new joint venture is located in the Port of Busan, the largest port in South Korea and a key hub in the Asian region.

"Investing in local stock points makes the most of the operating efficiencies Busan can offer ship managers and shipyards," says Mr J.W. Lee, a successful Korean businessman who built Daemyung Marine around Viking's range of safety products, gaining considerable market share in newbuilding.

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