ADDING to the recent hive of corporate activity in the Singapore offshore & marine sector, Marco Polo Marine and Nam Cheong yesterday announced a joint venture (JV) company to expand their offerings, particularly in their chartering business.

Marco Polo yesterday sold a 50 per cent stake in Marco Polo Offshore to Nam Cheong, making Marco Polo Offshore the JV firm.

Marco Polo Offshore recently purchased a newly-built accommodation work vessel (AWV), which was constructed by Nam Cheong. The JV company has also secured a long-term five-year bare-boat contract with an estimated value of more than US$27 million. The contract value would be almost US$50 million if extension options, subject to mutual agreement between the JV company and the charterer, are fully exercised.