KUALA LUMPUR (April 29): Eversendai Corp Bhd has inked a memorandum of understanding (MoU) with Hyundai Engineering & Construction Co Ltd (Hyundai E&C) as global strategic partners in modular construction work for the construction and energy industries.

In a filing today, Eversendai said its unit Eversendai Offshore RMC FZE had signed the MoU, which will see Eversendai and Hyundai collaborating to explore business opportunities in the international market, including delivering competitive proposals based on both companies’ joint expertise and experience.

It said the projects secured from this alliance will be carried out in Eversendai's state-of-the-art 200,000 sq m waterfront fabrication yard in RAK Maritime City, Ras Al Khaimah in the United Arab Emirates (UAE).

The group said the facility would be able to serve both Western and Eastern hemispheres and is capable of delivering large modular fabricated and constructed structures.

Eversendai said it had already undertaken similar modularised projects on a turnkey basis with engineering, procurement, construction and commissioning scope for the offshore support facility building for the Al-Zour refinery for Kuwait Integrated Petroleum Industries Company — completely engineered, fabricated and constructed on a modularised basis in Eversendai’s UAE fabrication facility.

Eversendai executive chairman and group managing director Tan Sri A K Nathan said the long-standing relationship between Eversendai and Hyundai E&C was established through successful delivery of many projects, which culminated in this partnership.

“I believe our association could propel our business opportunities further, and this collaboration will be an important milestone for Eversendai going forward,” he said.

At the midday break today, Eversendai had risen 4.44% or one sen to 23.5 sen, with a market capitalisation of RM183.56 million.