PETALING JAYA: Oil and gas services provider Handal Energy Bhd
and BumiRaya Petroleum Sdn Bhd have signed a joint venture agreement (JVA) to establish a special purpose vehicle (SPV) to jointly develop the local and regional offshore crane services market.
Under the agreement, Handal will hold a 60% stake in the joint venture, while BumiRaya will hold 40%.
“This collaboration aims to combine Handal’s financial strength and technological foundation as a listed company with BumiRaya’s flexibility in professional engineering services and market expansion,” said Handal in a statement.
Handal said that currently, there are approximately 420 offshore cranes in the region, each requiring maintenance services, indicating a very broad market prospect.
“Looking ahead, with oil prices expected to remain high in the coming years, Handal and BumiRaya are optimistic about order growth.
“Both parties believe that this joint venture will more effectively integrate resources, providing a one-stop solution from crane upgrades (such as hydraulic and electrical system updates) to crane leasing, fully capitalising on the golden opportunities presented by the oil and gas industry's recovery.”
