Sheffield Green has entered into a joint venture (JV) with Oceancare Technical Training Centre Sdn Bhd to work together on the operation and management of a proposed training centre in Miri, Sarawak. The joint venture agreement (JVA) was signed between Sheffield Green’s wholly-owned subsidiary, Wind Asia Training and Oceancare on Feb 28.
Oceancare is mainly in the business of providing education and training services in the offshore and onshore sectors in the oil and gas industry.
The training centre, which will be managed through a JV company (JVCo) by the parties, will offer Offshore Petroleum Industry Training Organisation (OPITO) and the Global Wind Organisation (GWO) accredited courses in Malaysia. The move follows the group’s opening of its first training centre in Taiwan in October 2024.
The joint venture company will be 45%-owned by Wind Asia Training and 55%-owned by Oceancare. In line with their respective stakes, Wind Asia Training will contribute RM45,000 ($13,599.16) as working capital to the JVCo as share capital, while Oceancare will contribute RM55,000.
According to Sheffield Green, the entry into the JVA is in line with its strategy to expand its service offerings to clients including providing training and development to renewable energy personnel in compliance with industry standards.
The incorporation of the JVCo would allow the group to expand its capacity to provide training services to more clients in a different location and market, Sheffield Green adds.
See also: Star Entertainment averts collapse with 11th-hour casino deal from Chow Tai Fook, Far East
“Through collaboration with Oceancare, the group can leverage on Oceancare’s expertise and local presence to secure the necessary accreditations and licences required for the JVCo to operate the Malaysian training centre,” reads the statement issued on Feb 28.
“Entering the Malaysian market also aligns with the group’s strategy to expand its geographical reach and the provision of training courses creates an additional revenue stream for the group to create additional value for its shareholders,” it adds.
As at 3.26pm, shares in Sheffield Green are trading 0.3 cents higher or 1.79% up at 17.1 cents.
