Union Steel Holdings has entered partnerships with COSCO SHIPPING Marine Engineering and China Offshore Engineering Solutions to conduct oil & gas projects in the region, according to a bourse filing dated July 24.
The three entities signed a non-binding tripartite Strategic Cooperation Agreement.
These projects may include offshore construction for oil & gas installation and construction projects, decommissioning of offshore oil & gas platforms in Southeast Asia, international ocean towing and heavy lift transportation by semisubmersible vessels, among others.
“This tripartite strategic alliance marks a transformative step forward in the way we approach the future of the oil & gas industry. Our partnership is grounded in a shared vision and commitment to deliver high-impact results for our clients and stakeholders across the oil & gas value chain,” says Ang Yu Seng, executive chairman and CEO of Union Steel.
Shares in Union Steel closed 0.5 cents higher or 0.833% up at 60.5 cents on July 24.
