Friday, July 31, 2009

Rig Tenders join forces with Marco Polo

Marco Polo Marine Ltd has entered into a JV agreement with PT Rig Tenders to penetrate the offshore oil and gas marine segment.
Marco Polo told Singapore Stock Exchange (SGX) this morning that the collaboration mechanism will be formalized between MP Ventures, a subsidiary of Marco Polo Marines Ltd, and Rig Tenders respectively through a 30:70 controlled entity, which will participate in selected offshore oil and gas opportunities, including vessel ownership and chartering services.
Rig Tenders is a 80.54%-owned subsidiary of Scomi Marine Berhad, listed in Malaysia Stock Exchange, engaging in business of owning and operating marine vessels serving the logistic needs of coal and oil/gas segments. Rig Tenders' major customers are Adaro, Arutmin, Chevron, CNOOC, and Total Indonesia.
Marco Polo Marine Ltd is a growing integrated shipping group principally engaged in the ship chartering and shipyard businesses. The group's shipyard which provides ship building, ship repair, and conversion services, is located in Batam Island, Indonesia, occupying a total land area of approximately 348,705 square meters, with a seafront of approximately 650 meters. The group is expanding the shipyard, and when completed, this would be one of the largest shipyards in Batam.

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