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MOL TO MERGE MARINE AND ENGINEERING SUBSIDIARIES

MOL TO MERGE MARINE AND ENGINEERING SUBSIDIARIES

Wednesday, February 17, 2021 

Mitsui OSK Lines (MOL) has announced its intention to merge its wholly owned subsidiaries MOL Marine and MOL Engineering Co, as a new company, MOL Marine & Engineering Co, effective from 1 April 2021.

MOL Marine's core business is consultancy related to port facilities and marine traffic, and training of seafarers using large simulators. It also manages submarine cable-laying vessels. MOL Engineering has specialised in inspection and maintenance of marine equipment, including migration to evolving international regulations, such as retrofitting of ballast water management systems and SOx scrubbers.

The merger is partly in response to Covid-19's impact on the global economy. Shipping faces higher expectations for contributions to a more efficient value chain, while continuing its momentum of decarbonisation to mitigate the environmental load. The MOL Group considers these expectations as an opportunity to align an organisation that can tackle the current and future demands by providing tangible and intangible seamless services, through the merging of the two companies.

The merger will positively affect the offshore businesses and the autonomous shipping development, which the MOL Group defines as business fields to concentrate its management resources。The dynamic positioning system that enables precise positioning of vessels under various marine conditions which MOL Marine has developed through submarine cable-laying, and the engineering experience of MOL Engineering will contribute to areas such as Floating LNG power generation and Offshore Wind power generation. The offshore technology will be concentrated in close cooperation with MOL both in safety and technology.

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