Singapore-based Kim Heng Offshore and Marine, through newly incorporated, wholly-owned subsidiary Bridgewater Offshore (BWOSB), has entered into an agreement to form a new joint venture company with Malaysian offshore vessel operator Ruhm Marine.
The Ruhm Bridgewater Offshore (RBWOSB) joint venture will be owned by Ruhm and BWOSB at 51 per cent and 49 per cent, respectively.
Kim Heng said that, among other things, the joint venture will help the company expand its offshore marine business into the Malaysian market through the operation, maintenance, and chartering of vessels to customers for use within Malaysian territory and the country's exclusive economic zones (EEZs).