By KINIBIZ
Barakah Offshore Petroleum Bhd has signed a memorandum of understanding (MOU) with Hilong Marine Engineering (Hong Kong) Ltd (HMEL) to develop projects for both companies in Malaysia for offshore transportation and installation projects for platform heavy lifts and pipelay as well as EPIC offshore oil and gas field development projects.
“This joint venture will strengthen our position in the Malaysian offshore transportation and installation market offering a full spectrum of offshore solutions. Hilong 106 has heavy-lift capability while Kota Laksamana 101’s (KL101) core competency is in pipeline installation.
“Both Hilong 106 and KL101 operate in shallow to mid waters. Together, we hope to provide good value for money solutions to our existing/potential clients. We are optimistic that the co-operation will support Barakah’s ambition to move up the value chain,” said Rasdee Abdullah, president and chief executive officer of Barakah.
Barakah’s strategic asset KL101, with lift capacity of 280 tonnes and minimum draft of 2.8m, has its niche in the shallow to mid water.
HMEL is a subsidiary of the Hong Kong-listed Hilong Holding Ltd.
HMEL brings the heavy lift and pipelay installation vessel, Hilong 106 that benefits from a maximum lift capacity of 3,000 tonnes, in shallow to mid waters.
“This is a great step forward for the development of Hilong Group’s international footprint, especially in the offshore oil and gas industry. The collaboration combines the strengths and capabilities of two companies.
“Our joint offering would provide creative solutions to the Malaysian market. We, at Hilong are excited about the prospects of the regional oil and gas industry, with Malaysia as our maiden foray,” said Hilong executive director Wang Tao.
Barakah brings in an experienced team and offshore assets, as well as strong local capability for the execution and provision of services to the oil and gas industry.
Together PBJV and HMEL will bring competitive and value added solutions to our Malaysian clients to ensure they are able to realise significant cost savings based on high local content and best-in-class international offshore construction vessels that ensure projects are delivered safely and on time.
The MOU will target joint prospects for both companies in Malaysia for offshore transportation and installation projects for platform heavy lifts and pipelay as well as EPIC offshore oil and gas field development projects.
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