KUALA LUMPUR (March 19): T7 Global Bhd said its wholly-owned subsidiary T7 Marine Sdn Bhd signed a heads of agreement (HoA) today with Marine Crest Technology Sdn Bhd and India-based C2C-DB Systems Pvt Ltd (C2C-DBS) to form a joint venture company (JV Co), which will engage in marine services and naval technology business in Malaysia.

According to T7 Global's Bursa Malaysia filing today, T7 Marine will own 40% shareholding in the JV Co, while C2C-DBS and Marine Crest will each hold 30%.

T7 Global said: "The parties agree to form a JV Co for marine services and naval technology business in Malaysia, inclusive of supply, re-fit, refurbishment and upgrade contracts for ship and vessels. T7 Marine is principally involved in project management, marine engineering and services, underwater, subsea services and marine technology."

"This joint venture via the JV Co will provide T7 Marine with an opportunity for growth as well as leveraging on the technical capabilities of C2C-DBS and Marine Crest in marine services and naval technology business in Malaysia," T7 Global said.

According to T7 Global, the HoA is pending the execution of a more comprehensive joint venture or shareholder agreement. T7 Global said the parties agree that the terms and conditions contained in the HoA shall be reflected and incorporated in the subsequent joint venture or shareholder agreement.