McDermott and TH Heavy Engineering formalize JVsCompany News // October 4, 2013
Affiliates of McDermott International and TH Heavy Engineering Berhad have confirmed the formalization of several joint ventures (JVs). The JVs were formally approved by THHE shareholders at their annual general meeting on 3rd June 2013.
“This is a milestone occasion for both companies” said Scott Cummins, Senior Vice President and General Manager, McDermott in Asia Pacific. “We have worked together on previous international bids as prime contractor and subcontractor, but with the new joint ventures we are both better able to commit and combine resources to enhance our joint Malaysian business."
“THHE is motivated, entrepreneurial and keen to make major contributions to Malaysia’s offshore oil and gas industry,” continued Cummins. “Now the joint ventures are complete, THHE can also more fully access the experienced personnel, technical expertise, proven systems and world-class assets that McDermott contributes to the joint ventures; we look forward to further contributing to Malaysia’s aspiration of becoming the number one hub for oil and gas in the Asia Pacific region.”
The McDermott-THHE joint ventures will specifically focus on meeting the increasing needs of energy clients in Malaysia and is expected to bolster Malaysia’s engineering, procurement, construction, installation and commissioning (EPIC) capabilities to support the country’s projected extensive oil and gas growth.