KUALA LUMPUR (Sept 15): Priceworth International Bhd's wholly owned unit, Maxland Dockyard & Engineering Sdn Bhd, has entered into a joint venture agreement to bid for works in oil and gas related projects.

In a filing to Bursa Malaysia today, Priceworth said the counter party to the JV is Semaring Enterprise Sdn Bhd — a licensed and registered contractor and supplier for Petroliam Nasional Bhd and Petronas’ Contracted Profit Sharing Contractors (PSC).

Both Maxland and Semaring will jointly carry out works and projects in the nature of onshore and offshore mechanical, civil, piping, structural, electrical, instrumentation, scaffolding, supply of equipment and machine, and all other marine related works for the oil and gas sector.

Maxland currently operates a shipyard, which includes a dockyard and engineering facility to fabricate and service vessels and barges.

Under the JV, Maxland shall provide technical and advisory services, as well as implement the works, while Semaring shall secure and procure the necessary oil and gas works from Petronas and/or its PSC. Semaring’s individual shareholders are Tagal Paran, Mutang Tagal and Dawat Gukang.

In the filing, Priceworth said Maxland shall entitle for 60% of the net profit generated by the joint venture, while Semaring shall entitle for the remaining 40%.