Kim Heng thaitan International (TTI) will expand its presence in Korea through a joint venture with South Korean company Heungwoo Industrial. The agreement will combine shipbuilding capabilities with specialized engineering and pipeline installation services. The operation will be carried out through Thaitan International (TTI), a subsidiary 50 % owned by Kim Heng. TTI signed the joint venture agreement on August 24 and will subscribe to shares in the new company, which will operate under the name Heungwoo Thaitan with this structure, the companies seek to develop opportunities related to horizontal directional drilling (HDD), pipe jacking, and direct pipe installation work in onshore and offshore projects in Korea.
Kim Heng is targeting HDD and pipeline projects
For its part, TTI will provide Heungwoo Thaitan with technical capabilities ranging from feasibility studies to construction. Its responsibilities will include basic FEED engineering services, detailed engineering, and project management. TTI will also provide specialized trenchless construction equipment, technical personnel, and resources to carry out the work.
This combination will allow the joint venture to participate in projects requiring specialized solutions for installing infrastructure without resorting to extensive conventional excavations. Horizontal directional drilling and pipeline installation technologies are among the areas in which Kim Heng hopes to increase its business potential through the new partnership.
Heungwoo Industrial will contribute local capabilities to Korea
Meanwhile, Heungwoo Industrial will focus on operational and construction support within the South Korean market. The company will provide personnel for projects and handle tasks related to site preparation and access. It will also manage the local procurement of materials, consumables, and auxiliary equipment.
In addition, Heungwoo Industrial will provide maritime support and diving services, along with logistics, transportation, and security control. In this way, the South Korean company will complement TTI’s engineering capabilities and specialized equipment with construction and support resources available in Korea.
Heungwoo Thaitan will combine engineering and marine construction
Furthermore, the responsibilities of both companies will extend to the administrative, legal, and financial functions necessary to develop Heungwoo Thaitan’s operations. The structure aims to combine TTI’s trenchless engineering and construction capabilities with Heungwoo Industrial’s marine support and construction expertise. This model will allow the company to undertake both onshore and offshore projects, particularly those related to pipeline infrastructure and maritime services associates.
The joint venture will have a board with two directors
Regarding its management, Heungwoo Thaitan will have a board of directors composed of two members, each partner will have the right to appoint one of them. The representative appointed by TTI will serve as the chief operating officer and finance officer. The representative selected by Heungwoo Industrial will assume the role of chief executive officer (CEO). This arrangement will allow both partners to be directly involved in the management of the new company while developing their respective technical and operational areas within future projects in Korea.
Source: Offshore Energy
Photo: Kim Heng
