Kim Heng Offshore & Marine eyes Iran with new MOU

Singapore’s Kim Heng Offshore & Marine Holdings, via subsidiary Kim Heng Marine & Oilfield (KHMO), has entered into a non-binding memorandum of understanding with Iran Marine Fund (IMF) to explore the prospect of setting up a strategic partnership for the company to provide technical expertise and financing to Iranian offshore marine and oil & gas projects.

The MOU will focus on areas relating to shipbuilding; chartering of KHMO’s fleet and marine facilities; purchasing of offshore vessels; procurement and supply chain management; rig management services; as well as maintenance & refurbishment of structures, facilities and rigs.

Kim Heng believes the strategic partnership offers a good opportunity to widen its global client network and better position the firm to secure projects in Iran and its surrounding areas.

Kim Heng said the total value of the projects to be entered into under the strategic partnership could amount to $455m over 10 years.