KUCHING: Dayang Enterprise Holdings Bhd (Dayang) has teamed up with a Malacca state development agency and another company for business collaboration in the oil and gas (O&G) industry.
Wholly-owned subsidiary Dayang Enterprise Sdn Bhd (DESB) entered into a memorandum of understanding (MoU) with PKNM Energy Sdn Bhd (PKNME) and Main Velocity Sdn Bhd (MVSB) on the collaborations on March 12.
Miri-based DESB is principally engaged in providing offshore, topside maintenance, engineering and construction services for the O&G industry.
PKNME which is 100 percent owned by Perbadanan Kemajuan Negeri Melaka, is a leading development state agency particularly in industrial, property and entrepreneurs. The agency intends to involve in the O&G business, asset management, engineering and energy.
MVSB is involved in pipeline installation, inspection, pre-commissioning, construction, maintenance in petrochemical industrial, fabrication, bolt and leak testing, vessels supply, manpower supply as well as offshore catering services.
On the purpose of the MoU, Dayang said: “The parties wish to establish a cooperation and collaboration in exploring, securing and operating any projects in Melaka relating to oil; and gas, energy, engineering and civil works, construction and development (related projects).
“The MoU is to record the mutual understanding and current intent of the parties with respect to explore a working relationship and cooperation for the related projects and to set out the principal terms of arrangement between the parties under which the parties will further negotiate with each other and execute a more detailed and definitive relevant agreement thereafter,” Dayang said in a filing with Bursa Malaysia yesterday.
The parties mutually agreed on the commitment to collaborate on the followings:
* PKNME will assist in procuring local resources involved with the related projects and supervise and monitor the planning and progress of the proposal to the related projects to ensure its materialisation;
* Dayang shall be fully responsible for the business strategy and to obtain the approval, licences, permits and other matters pertaining to the related projects, and
* MVSB shall undertake and be responsible as the business development strategist, business coordinator and for the deliverables of the related projects.
The MoU will remain in force for six months or until the relevant agreement is executed, whichever is earlier.
“The MoU shall not be construed as being a joint venture, partnership or business arrangement of any kind between the parties as to constitute either party the agent of the other.
“The MoU is not binding against the parties,” said Dayang.
