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Kim Heng Offshore & Marine to dispose 3 vessels to joint venture company for $3 mil

Felicia Tan
Felicia Tan2/16/2021 6:58 PM GMT+08  • 2 min read
Kim Heng Offshore & Marine to dispose 3 vessels to joint venture company for $3 mil
If the proposed disposal was completed on Dec 31, 2019, the gain on proceeds would have been $1.67 million.
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Kim Heng Offshore & Marine, through its wholly-owned subsidiary, Kim Heng Marine & Oilfield (KHMO), has disposed three of its vessels — Kim Heng 186, Kim Heng 1860 and Kim Heng 85 to Bridgewater Marine (Taiwan) for a consideration of $3 million.

Bridgewater Marine is a joint venture company incorporated in Taiwan by KHMO, with an initial paid up capital of NT$1 million ($47,341.11). Bridgewater Marine is 51%-owned by Kim Heng’s Taiwan partner and 49%-owned by KHMO.

Due to the disposal, KHMO and its Taiwan partner has entered into an amended and restated joint venture agreement (JVA) on Feb 16.

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