The agreement has a term of four years and can be extended and renewed on a mutual basis for another two years at the end of term. The arrangement also provides right of first refusal for the windfarm developer to secure the use of Kim Heng’s geotechnical vessel and geotechnical survey services at agreed rates for the entire term of the agreement.
Kim Heng (SGX:5G2
) has announced that Adira Renewables, its wholly-owned subsidiary, has partnered with Soiltech Engineering Korea (STE) to enter into a vessel framework agreement with an established global offshore wind farm developer in Korea.
Under the agreement, Kim Heng will provide a geotechnical drilling vessel for various geotechnical survey projects. Together with STE, Kim Heng will provide offshore geotechnical investigation services of all of the developer’s offshore wind farm projects in Korea.
