PJBumi teams up with subsea services provider to engage in oil and gas sector in Malaysia, Indonesia

TheEdge Fri, Jan 26, 2024 09:25pm - 3 months View Original

KUALA LUMPUR (Jan 26): Engineering and construction services group PJBumi Bhd has teamed up with Nutra Rich Energy Sdn Bhd (NRESB) to engage in collaborative efforts in the oil and gas sector in Malaysia and Indonesia.

In a bourse filing, PJBumi said its unit PJBumi Heavy Engineering & Services Sdn Bhd has entered into a teaming agreement with NRESB, which specialises in subsea activities and the supply of offshore jack up rigs.

Under the deal, the PJBumi unit is responsible for preparing the resources, licences and premises to perform business development, marketing and bidding exercises for technology-based solutions in relation to drilling equipment and solutions.

NRESB, which is also a technical expert in oil and gas exploration, is meanwhile responsible for supporting the PJBumi unit in expertise, knowledge and technology to support business development and marketing activities, including the project delivery phase prior and upon award of the contract.

PJBumi said the collaboration will have no financial impact for the financial year ending Dec 31, 2024.

PJBumi shares closed up four sen or 4.76% at 88 sen, giving the company a market capitalisation of RM72 million.

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