Singapore's Kim Heng inks $452 million Iran MOU

Kim Heng operates two shipyards in Singapore Kim Heng operates two shipyards in Singapore

MAY 14, 206 —Singapore listed Kim Heng Offshore & Marine Holdings Limited reports that a wholly-owned subsidiary has entered into a non-binding memorandum of understanding with the Iran Marine Fund to explore setting up a strategic partnership.

Clarifying Iranian press reports, Kim Heng says that, under the MOU, the total value of the projects to be entered into could be up to an estimated EUR 400 million (about $452 million) over a period of 10 years.

The planned partnership would see Kim Heng Offshore provide technical expertise and financing for Iranian offshore marine and oil & gas projects in a number of areas including shipbuilding, chartering of Kim Heng's fleet and marine facilities and the purchase of offshore vessels.

Other activities that might be covered include procurement & supply chain management, rig management services; and maintenance and refurbishment of structures, facilities and rigs

The Iran Marine Fund is a state-owned enterprise of the Ministry of Industry, Mining and Trade of the Islamic Republic established with the aim of achieving sustainable development and acts as the interface between the government and the private sector, through the provision of finance and technology.

Kim Heng, which describes itself as an integrated offshore and marine value chain services provider, operates two shipyards in Singapore and has a fleet that includes three OSVs, 12 tugs and and 32 barges, including accommodation and crane barges.

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