Malaysia-listed offshore services provider SapuraKencana Petroleum has formed a joint-venture (JV) company to enter the oil and gas industry in Brunei.
According to its filing to Bursa Malaysia, the shareholder agreement was signed by its wholly owned subsidiary SapuraKencana Brunei and Malaysia-based Euthalia Energy Solution to form RSK Petroleum.
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RSK will identify potential business opportunities, investments, JVs, business combinations, and other transactions related to oil and gas industry in Brunei.
Under the agreement, SapuraKencana Brunei will subscribe 700,000 shares in RSK at BND1.00 (USD0.71) each, representing 70% of the JV, while Euthalia will hold 30% equity by subscribing 300,000 shares.