Handal Energy Berhad (Handal) is gearing up for a major expansion in the offshore lifting sector after signing a joint venture agreement (JVA) with private engineering firm BumiRaya Petroleum Sdn Bhd.
The partnership will see the establishment of a Special Purpose Vehicle (SPV) specifically designed to capture the local and regional offshore crane services market. Under the terms of the JVA, Handal will maintain a 60% controlling stake, with BumiRaya holding the remaining 40%.
As a listed entity, Handal provides a robust technological foundation and financial strength. It currently operates 15 offshore cranes and offers comprehensive services ranging from manufacturing and EPC (Engineering, Procurement, and Construction) to leasing.
Established in 2012, BumiRaya brings 12 Petronas operating licenses and a lean, specialised project management team. The firm also serves as a regional agent for global players like Ulo Systems and Hutchinson Techlam S.A.S.
At the signing ceremony, BumiRaya Managing Director Taha Sheikh Mohammad revealed an aggressive growth trajectory. The firm recently completed a RM1 million project for Petra Energy Bhd and currently identifies 63 similar potential contracts on hand. These opportunities are slated to be transferred to the new joint venture for execution.
“Through our partnership with Handal, BumiRaya will share the advantages of a listed company in financing—such as private placements or bond financing—providing the financial impetus for large-scale expansion,” Taha stated.
The parties said the joint venture arrives at a “golden moment” for the industry. There are currently an estimated 420 offshore cranes operating across the region, all requiring recurring maintenance, upgrades, and refurbishment.
With oil prices remaining elevated (recently breaching US$100 per barrel due to Middle East tensions), offshore activity is surging. The JV aims to provide a one-stop solution, from hydraulic and electrical system updates to crane leasing, targeting a regional client base that already includes giants like Hess, Petronas, and CPOC
