Handal Energy in JV to tap crane market

PETALING JAYA: Oil and gas (O&G) services provider Handal Energy Bhd and BumiRaya Petroleum Sdn Bhd have signed a joint venture (JV) agreement to establish a special purpose vehicle to jointly develop the local and regional offshore crane services market.

Under the agreement, Handal will hold a 60% stake in the JV, 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,” Handal said in a statement.

It added that there are approximately 420 offshore cranes in the region currently, 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.”