Raymond To Join In Building $30-Million Yard In Malaysia

Raymond International Inc. of Houston recently announced that a subsidiary has signed a memorandum of understanding to participate in the building of a $30-million fabricating yard in Malaysia.

Henry F. LeMieux, chairman and chief executive officer, said the agreement was between its wholly owned subsidiary, Raymond Offshore Constructors of Delaware; Sabah Shipbuilding and Repairing and Engineering Sdn. Bhd.; and Permodalan Bumiputra Sabah. As agents for the Malaysian Government, Sabah Shipbuilding and Permodalan Bumiputra will have a minimum of 51 percent equity ownership in the joint venture.

The fabricating yard will be constructed off the coast of Sabah (formerly North Borneo) on the Labuan Island. About 300 persons will be employed at the yard when it becomes fully operational. The complex will have the ability to fabricate offshore platforms and rigs, and will include facilities that could provide marine engineering and construction services throughout Southeast Asia.

The project is scheduled to begin at the conclusion of further economic confirmation studies, probably early in 1981.

Maritime Reporter Magazine, page 37, Aug 1980

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First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.