Marine Technologies, LLC (MT) is a global operation presently represented by offices in the USA, Norway and Singapore. MT has, over the years, established a leading position as provider of total integrated solutions to both the offshore and the commercial shipping sectors. MT Singapore has up until now been responsible for all sales, service and training in Asia and Oceania. Furthermore, MT Singapore has managed a partner network that conducts promotions, sales and service on behalf of MT in clearly defined geographical areas and on a non-exclusive basis.
The present dismal global situation within both the commercial and offshore shipping sectors, with reduced newbuild activity, as well as overall activities, has had an impact on MT. Consequently, we have made thorough considerations as to how to best ensure MT can continue to deliver competitive products and services of a high quality and in a timely manner to the market. As a result, it has been decided to restructure our operation in Asia.
Therefore, it is our great pleasure to inform you that an agreement has been made between Marine Technologies, LLC (MT, USA) and Sinor Marine Technologies Pte Ltd (s-MT, Singapore) for the latter to take over the responsibility for all activities related to sales, service and training in Asia and Oceania. The transfer of these responsibilities to s-MT and commencement of the related activities will take place as of 1 November 2016. MT Singapore will cease operation from the same date.
The operation will continue in s-MT under the management of Frode Klepsvik, and the present staff in MT Singapore will be transferred to the new enterprise on 1 November. We are also very pleased to inform you that this will take place without any interruption, including follow up of all active contracts and ongoing service activities. s-MT will also be responsible for managing and developing the partner network in the region, through new individual agreements with each partner company.
We are fully convinced that the restructuring described above will be to the benefit of both existing and new customers, enabling MT and s-MT to continue to successfully deliver high quality products and services to the market, also in the challenging times ahead of us. We wish to re-ensure all about our strong commitments to our customers and partners and look forward to a continued constructive and amicable cooperation with all parties involved.