PETALING JAYA: Destini Bhd is partnering with Singapore-listed Federal International (2000) Ltd to bid for oil and gas projects in South Asia and Southeast Asia.
The group told Bursa Malaysia that it had entered into a joint venture and shareholders agreement (JVA) with Federal International for the collaboration.
Upon the completion of the JVA, Destini’s wholly owned subsidiary Destini Oil Services Sdn Bhd (DOS) and Federal International’s wholly owned subsidiary Federal Hardware Engineering Co Ltd will incorporate a 50:50 joint venture company (JVCo) in Singapore.
The JVCo intends to bid for floating production systems in greenfield development; transportation and installation services; well abandonment and field decommissioning services; downhole and well workover services.
Destini group managing director Datuk Rozabil Abdul Rahman said the new joint venture will pave the way to new business opportunities for its oil and gas division with the expansion of its scope of service.
Federal International is involved in hardware trading, design, manufacture, assembly, distribution and provision of flowline control products and services for oil and gas petrochemical and refinery industries as well as fire protection and detection systems and chartering of vessels.
Destini’s share price fell 1 sen or 2% to close at 48 sen on Friday on some 2.79 million shares done.