The oil field is at its prime and the competition is very stiff with a change in the prices that occur almost daily. Companies are now more concerned of finding new geographical locations to expand to in order to have a competitive edge. This was seen with two of the main leading companies in the oil field which has just recently decided to partnership.
The Debt-laden oil and gas services company called Barakah Offshore has recently landed a deal with Vallianz Holdings Ltd from Saudi Arabia. The deal was based on a memorandum of understanding (MOU) between both companies in forces to be able to expand to bigger regions. The main region in hand was Malaysia and the Middle East which is a swap deal between the companies.
This was an easy deal to be signed due to the fact that the Saudi company Vallianz is listed on the Catalist Board of the Singapore Exchange. The company owned by Rawabi Holding Company Ltd (up to 57.6%) which is a bigger Saudi body. This company is huge with almost 76 different units all over the sea and works well in many different regions and areas including the Middle East, Asia Pacific and Latin America.
The Malaysian company released a statement on the deal saying, “This includes technical consultation, feasibility studies, front-end engineering design and project engineering services, among others. The project scope also covers future co-tender arrangements for offshore projects which are deemed suitable by both parties,”