Malaysian Duo Join Forces to Provide Repair Services

Image Courtesy: Malaysia Marine and Heavy Engineering Holdings Berhad (MHB)

Two Malaysian firms have joined forces to form a joint venture company in an effort to provide repair services of marine vessels which include dry docking repair, refit, refurbishment, maintenance and technical solutions at the ship repair facilities located in Kemaman, Terengganu.

Namely, the country’s shipbuilding and heavy engineering industries firm Malaysia Marine and Heavy Engineering (MMHE), a subsidiary of Malaysia Marine and Heavy Engineering Holdings Berhad, and service and facility provider for the oil and gas industry Eastern Pacific Industrial Corporation (EPIC) have executed a joint venture agreement to establish MMHE EPIC Marine & Services.

MMHE said that it is the majority shareholder with 70% shares, while EPIC holds 30% of the shares in the JV company.

The parties earlier bought a floating dock from South Korea’s Yeisu Ocean, which would support the operation of the newly-formed company. The 5,000 tonne floating dock was delivered to Kemaman on July 30, 2016.

The announcement comes on the back of the recently introduced tax incentives for the Malaysian shipbuilding and ship repairing industry as the country aims to attract further investments in these sectors.

Malaysia said that the incentives would provide new companies with either a Pioneer Status with 70% of Income Tax Exemption on statutory income for a period of 5 years or Investment Tax Allowance of 60% on the qualifying capital expenditure incurred within 5 years from the date the first qualifying capital expenditure is incurred.

Furthermore, existing shipbuilding and ship repairing companies are offered an Investment Tax Allowance of 60% on the additional qualifying capital expenditure incurred within a period of 5 years.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >