- The JV would enable both the firms to collaborate on a work order that was awarded to PEE by a leading marine engineering industry player.
- The activities associated with the work order are expected to be completed by July 17, 2019.
DLF Holdings Limited (DLF Holdings), a renowned Singapore-based engineering services company, has reportedly signed a new joint-venture (JV) agreement with marine engineering firm, Prosper Environmental & Engineering (PEE) to collaborate on a new work order obtained by PEE.
Reports cite, PEE was awarded the new work order by a leading marine engineering industry player on July 2, 2018. The contract relates to the complete fabrication, installation and erection of structural & associated steelwork for constructing a marine admiralty yard’s living quarters.
According to a report by The Straits Times, the newly formed JV company would be named DLF Prosper Venture. The JV company would be playing the role of project coordinator and would oversee the overall management of PPE’s contract work performance. Moreover, while PEE would continue as the contractor, DLF would be providing the funding & working capital for the company.
Furthermore, PEE has also agreed to pay DLF Holdings over 80% of the profits that would be earned through the work order. The payment would reportedly be made for the period between July 2, 2018 and the date that was entered into the proposed JV agreement.
DLF Holdings would reportedly also be taking 80% of the profit that would be earned through the work order contract on or after the completion of the date mentioned on the JV agreement with the remaining 20% of the profits going to PPE.
According to reports, the activities associated with the work order are expected to be completed by July 17, 2019.