Destini And Singapore Firm To Explore O&G Projects
KUALA LUMPUR: Destini Bhd has entered into a joint venture and shareholders
agreement (JVA) with Federal International (2000) Ltd to collectively bid for oil & gas
projects in South Asia and South-East Asia. Federal International is listed on
Singapore Exchange’s mainboard.
On 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 JV company in Singapore.
Destini group managing director Datuk Rozabil Abdul Rahman said the JV is
expected to be set up by the first quarter of 2018.
“The oil and gas industry seems to be stabilising, and Destini will be ready to jump
on any opportunity that arises with its wider scope of services in the years to come,”
He said DOS and Federal Hardware, via the JV, intend to leverage on each other’s
capabilities and expertise in tendering for projects which include floating production
systems in greenfield development; transportation and installation services; well
abandonment and field decommissioning services; and downhole and well workover
Destini group managing director Datuk Rozabil Abdul Rahman said securing a
financially sound and experienced joint venture partner was a milestone. “This new
JV will pave the way to new opportunities for our oil and gas division with the
expansion of our scope of service.”
He said with DOS will be able to leverage on Federal International’s overseas
network to expand its services.
It will also be able to leverage on Federal International’s existing presence in
Indonesia to expand its marine related businesses. It is also in Brunei, Thailand,
India, Japan, China, Britain and the US.
Its main business is 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.
Federal Hardware is also in the same type of business as Federal International but
has expertise in procurement and project management, and mini-liquefied natural
gas and liquefied natural gas terminal projects.
Destini is an integrated engineering solutions provider with diverse interests in the
aviation, marine, land systems and oil and gas industries.
Source : The Star