Kim Heng announced that its wholly-owned subsidiary Kim Heng 5G2 Offshore & Marine has entered into a non-binding memorandum of understanding (MOU) with KOMS to co-operate in relation to offshore windfarm projects and other offshore projects in South Korea.
Pursuant to the MOU, it shall remain in force for a period of five years, subject to renewal by mutual agreement. Each party may terminate this MOU by providing thirty days’ notice to the other party.
KOM is a leading offshore global solution provider, offering engineering, procurement and Commissioning (EPC) services including but not limited to offshore field development, pipe laying, subsea structure, transport & installation, modifications, upgrades, operation, maintenance, decommissioning and removals of rigs.
The group says that it will provide the necessary updates as and when there are material developments to the MOU and/or execution of a definitive agreement.
Shares in Kim Heng closed 1.04% higher on June 15 at 9.8 cents.
