Swiber enters deal to form pipeline joint venture with Hilong Marine Engineering

Swiber Holdings said Wednesday its wholly owned subsidiary Swiber Offshore Construction (SOC) entered a deal with Hilong Marine Engineering (Hong Kong) (HME) to form a joint venture for pipelines.

The joint venture, called Ocentra Offshore, will provide marketing and services for pipe-laying, pipeline-system integration, offshore heavy lifting and installation, sub-sea tie-in and under-water maintenance, barge/vessel management and chartering and other infrastructure works, Swiber said in a filing to SGX.

SOC will hold 49 percent of Ocentra Offshore, while HME will hold the remainder, the filing said, adding the joint venture’s initial paid-up capital will be US$200,000.

Swiber said the joint venture will offer an opportunity to expand the company’s existing vessel chartering business and to develop and expand the offshore services business.

SOC’s main business is offshore engineering and construction services, the filing said.

HME is a subsidiary of Hong Kong-listed Hilong Holding and its business includes offshore integration of pipeline systems, transportation and installation EPC services, vessel management and chartering services, the filing said.

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