Singapore-based offshore services provider Kim Heng Offshore & Marine has signed a joint venture agreement with Phillip Enterprise Fund and Phillip Ventures Enterprise Fund 5.
Kim Heng said that the companies signed the agreement on Friday, November 15, and incorporated Bridgewater Offshore, a joint venture company, which is also a party to the JV agreement.
The principal activity of Bridgewater is to undertake ownership, management, and operation of vessels.
The initial paid-up capital of the joint venture company is $3 comprising three ordinary shares of which Kim Heng, Phillip Enterprise, and Phillip Ventures will be contributing $1 each.
Kim Heng added that the incorporation of the new company was funded through internal resources and was not expected to have any material impact on the earnings per share or net tangible assets of the company for the current financial year ending December 31, 2019.
Tan Wen Hao Justin Anderson, son of the executive chairman and CEO of Kim Heng, was appointed a director of Bridgewater Offshore.
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