Singapore's KHMO Inks MOU with Iran Marine Fund for Iranian O&G Projects

Singapore's Kim Heng Offshore & Marine Holdings Ltd. reported Friday that its wholly owned subsidiary, Kim Heng Marine & Oilfield Pte Ltd. (KHMO), has entered into a non-binding memorandum of understanding (MOU) with the Iran Marine Fund (IMF) May 9 to explore the prospect of setting up a strategic partnership for the company to provide technical expertise and financing to Iranian offshore marine and oil & gas projects.

The MOU will focus on areas relating to shipbuilding; chartering of KHMO’s fleet and marine facilities; purchasing of offshore vessels; procurement and supply chain management; rig management services; as well as maintenance & refurbishment of structures, facilities and rigs.

IMF, a state-owned enterprise belonging to the Iranian Ministry of Industry, Mining and Trade, has been established to achieve sustainable development and acts as the interface between the government and the private sector through the provision of finance and technology.

Kim Heng believes the strategic partnership offers a good opportunity to widen its global client network and better position the firm to secure projects in Iran and its surrounding areas.

In a related development, Kim Heng said the total value of the projects to be entered into under the strategic partnership shall be up to $455 million (EUR 400 million) over 10 years, which represents only an estimated value of the intended projects under collaboration with IMF.

"The commercial terms and form of financing for each project under the strategic partnership will be negotiated on a project by project basis and documented in definitive agreements. As such, there is no certainty that any of the projects will materialize or that any definitive agreements could be entered into," Kim Heng added.

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