Kuala Lumpur: Sabah-based Priceworth International plans to set up a joint venture with Miri O&G company Semaring Enterprise to tap into the oil and gas sector.
Under the jv, Priceworth and Semaring Enterprise will seek O&G works from national oil company Petronas and its partners with profit sharing contracts. Priceworth will also provide Semaring Enterprise with technical and advisory services in tendering, competing and bidding for the award of O&G works.
Semaring Enterprise is a licensed and registered contractor and supplier for Petronas and its PSC partners.
Priceworth operates a shipyard in Seguntor, Sandakan, which includes a dockyard and engineering facility to fabricate and service vessels and barges.
“Priceworth is undertaking this proposed jv to mitigate any over-dependence on the core timber business, and seek alternate income streams,” said Andrew Lim, managing director of Priceworth. [17/09/14]