Crest Petroleum BHD has announced that it has strengthened its partnership with Scomi Group Bhd, through the formation of a joint venture company, in order to provide complementary marine vessel transport services to the oil and gas sector.
In separate announcements, both companies stated, the JV will provide Crest the avenue to venture into areas of marine transportation services to complement and expand its capabilities and experience, (in areas) which are currently not undertaken by the Scomi Group.
Under the terms of the agreement, Scomi would have a 60% stake in the company and with the balance going to Crest. Financing for the new company was internally funded.
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