KUALA LUMPUR: PJBumi Bhd
’s wholly-owned subsidiary, PJBumi Heavy Engineering & Services Sdn Bhd (PJbumihes), has entered into a master construction agreement for onshore drilling rigs with Intlef Oil and Gas Group Co. Ltd.
In a filing with Bursa Malaysia, PJBumi said PJbumihes agreed to purchase onshore drilling rigs, equipment, and documentation from Intlef.
Intlef will also be responsible for the design, construction, commissioning, and supply of onshore drilling rigs, including associated equipment and documentation.
Additionally, Intlef may provide training, subject to the terms and conditions outlined in the agreement.
PJbumihes will also have to provide an unconditional and irrevocable corporate guarantee of US$5mil to Intlef.
In return, Intlef will extend a credit facility of up to US$5mil to PJbumihes , with a credit term of up to 180 days.
