The board of directors of Kim Heng Ltd. announced that Kim Heng Marine & Oilfield Pte Ltd., the wholly-owned subsidiary of Kim Heng, had signed a MOU with offshore marine services contractor Dyna-Mac Engineering Services Pte. Ltd., a wholly-owned subsidiary of Dyna-Mac Holdings Ltd., where Kim Heng will support Dyna-Mac on a preferred partner basis to carry out various projects from time to time. The MOU has a term of two years and will automatically renew at the end of each term.

This preferred partnership arrangement provides an option for Dyna-Mac to secure the use of Kim Heng's yard facilities, and at agreed tariff rates for the entire term of the MOU. With more than five decades of operations, Kim Heng has developed a wide range of capabilities in the offshore renewable, marine, as well as oil and gas industries, specialising in engineering, procurement, construction and installation support for these sectors. Its two shipyards in Singapore have a combined waterfront of 205 metres.

This win-win partnership offers Dyna-Mac greater flexibility to address the spikes in FPSO vessel module fabrication demand and allows it to further entrench its strategic presence in the FPSO module fabrication business through inorganic growth of its production capacity. Through the collaboration, Kim Heng will also benefit by participating in larger, more complex and valuable projects tapping on Dyna-Mac's know-how and client base in the FPSO module fabrication industry.