The JV, called THHE Offshore Services, will be 70%-owned by THHE with the remaining 30% share to be taken up by Coral Intoil. As such, THHE will be the lead partner and retain the right to appoint the managing director.
Coral Intoil is mainly involved in the provision of oil and gas advisory services in the areas of onshore fabrication, offshore hook-up and commissioning, retrofitting and transportation and installation as well as the trading of certain niche products.
It is intended that after getting a Petronas licence to provide hook-up and commissioning services, the JV company will exclusively bid for such contracts for the group.
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