KUALA LUMPUR: Petra Perdana Bhd has formed a joint venture to operate offshore oil and gas (O&G) marine services in the southern Asia-Pacific region, in particular Australia and New Zealand.
In a statement yesterday, Petra Perdana said it had signed a JV company shareholders’ agreement with The Underwater Centre Fremantle Pty Ltd (TUCF) of Western Australia, Siliqua Pty Ltd as trustee for CJES Trust (CJES) of Victoria, Australia and the JV company Petra Marine Australia Pty Ltd (PMA) to market, manage and operate the services in the region.
TUCF, a marine operator and diving services contractor, will provide operational foundation necessary to ensure the development of the JV’s marine operations, while CJES will provide marketing and network opportunities within the Australian/New Zealand sector of the offshore marine market.
PMA, which has a paid-up capital of A$500,000 (RM1.58 million) comprising 500,000 shares of A$1 each, will market, manage and operate the vessels in the Australia and New Zealand offshore oil and gas regions, including any joint-development area. PMA’s role will also cover other countries to be mutually agreed upon by the parties.
Petra Perdana holds a 55% stake in PMA while TUCF and CJES hold 25% and 20%, respectively.
Petra Perdana executive chairman and chief executive officer Tengku Datuk Ibrahim Petra said the strong business synergies of Petra Perdana, TUCF and CJES had prompted the JV and formation of PMA, which started business operations on Monday.
“By capitalising on the strengths of our JV partners and penetrating into new and developing market segments in Australia and New Zealand, (this) would enable Petra Perdana to achieve its long-term growth prospects in offshore marine services.
“The prospects of PMA in offshore marine services are positive and bright given the high level and growing number of offshore exploration and development drilling activities by large O&G majors in the Australian/New Zealand markets. The market also provides growing opportunities for marine support work in offshore construction and installation projects,” Tengku Ibrahim said.
Source : The Edge
