Singapore-based Swiber Holdings has signed an agreement to form a 50-50 joint venture with offshore transportation provider Alam Maritim to tap offshore construction projects in Malaysia.

Malaysia holds an abundance of offshore construction opportunities and is one of the key markets for growth in Southeast Asia, Swiber Group CEO Raymond Goh said.

The companies will jointly bid for, and provide, offshore installation and construction activities in the territorial waters of Malaysia using a jointly owned and operated $70m pipelay barge, Swiber said.

“We are optimistic about the growth potential in Malaysia,” Goh said.