PBJV, a wholly-owned subsidiary of Barakah Offshore Petroleum, and Norwegian subsea service provider Ocean Installer have signed a memorandum of collaboration (MoC) to provide deepwater installations in Malaysia.

Under the MoC, the firms will share their resources and jointly develop business for the offshore oil and gas (O&G) market.

They will pursue oil and gas-related projects and bid for them jointly.

Barakah Offshore Petroleum Berhad deputy executive chairman Encik Nik Hamdan Daud said: "This collaboration will allow us to serve the full spectrum of subsea installation market for Malaysia’s O&G industry and a step-up for Barakah to be involved in deepwater segment.

"Together, we hope to provide good value for money solutions to our existing/potential clients. We are optimistic that the co-operation will support Barakah’s ambition to move up the value chain."

Barakah expects the collaboration to expand the firms’ services and market reach for the oil and gas industry in the country.

The companies intend to provide customers with cost effective, fit-for-purpose solutions to support their efforts to adapt to the low oil price environment.