A joint venture agreement was signed in October last year, but sources said the establishment of the new venture is going through the process of being formally set up.

Sources said that the new entity, to be registered in Brunei, represents part of Brunei’s effort to build up experience and capability in the offshore service sector.

The joint venture will be structured so that PetroleumBrunei will hold a 51% stake, while COSL will hold the remainder, with the chairman to come from Petroleum­Brunei and the president to be recommended by COSL.

Sources