KUALA LUMPUR (April 8): Ocean Vantage Holdings Bhd (OVH) has inked a memorandum of understanding (MoU) to form a business venture to set up a pipeline coating facility in Sarawak.

The purpose for this business venture is to provide the onshore and offshore pipeline coating services and serve the domestic market in Malaysia, Southeast Asia, and Australia, said the oil and gas upstream service provider.

In a bourse filing, OVH said the MoU was signed with Sarawak-based integrated energy support services provider and PCI Engineering (M) Sdn Bhd (PCIEM), a manufacturer of pipe coating and equipment design.

"OVH shall source the land and local utilities (including but not limited to, water and electricity facilities, sewer facilities, telecommunications facilities, licences and permits required), whereas PCIEM will provide the turnkey pipe coating equipment, specialist knowledge, key management and operational services," said OVH.

OVH shares closed down one sen or 4.17% to 23 sen with some 925,100 shares traded, giving the ACE Market-listed company a market value of RM92.78 million.