Beng Kuang Marine forms S$1.4m JV with Epsilon Navigation

SPV targets offshore marine assets.

Beng Kuang Marine said it has entered into a legally binding joint venture agreement with Epsilon Navigation to operate a special-purpose vehicle called Offshore Collective.

The parties will enlarge the SPV’s issued share capital to $1.4m from $50,000, with Beng Kuang Marine and Epsilon Navigation each holding a 50% equity interest after the injections.

Epsilon Navigation will inject $650,000 on top of its existing $50,000, whilst Beng Kuang Marine will inject $700,000, according to the company’s announcement.

Beng Kuang Marine said the SPV will invest in and manage marine assets in the offshore energy sector and may pursue other marine, offshore, vessel-related, or maritime logistics projects that the parties agree on.

The SPV will implement a “repeatable marine asset monetisation platform” structured as “Build → Charter → Optimise → Monetise → Reinvest”, and the parties plan to enter into a definitive shareholders’ agreement within 60 days from the date of the joint venture agreement.

Beng Kuang Marine said the joint venture is expected to have a positive impact on earnings per share and net tangible assets per share for the financial year ending 31 December 2026.

She added that none of its directors or controlling shareholders has any interest, direct or indirect, in the SPV.

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