The Board of Directors of Ocean Vantage Holdings Berhad announced that the Company had on 8 April 2022 entered into a Memorandum of Understanding ("MOU") with PCI Engineering (M) Sdn Bhd ("PCIEM") to collaborate in forming a business venture to set up a pipeline coating business ("Cooperation Agreement") to serve the domestic market in Malaysia as well as South East Asia, Australia and its related region based on the understanding and commitments as contained in the MOU. The purpose of this MOU is to lead to a Cooperation Agreement to form a business venture either via a Joint Operation or Joint Venture between PCIEM and OVH through its subsidiaries to set up a pipeline coating facility in Sarawak, providing the onshore and offshore pipeline coating services. OVH shall source the land and local utilities (including but not limited to, water and electricity facilities, sewer facilities, telecommunications facilities, licenses and permits required), whereas PCIEM will provide the turnkey pipe coating equipment, specialist knowledge, key management and operational services.

Both Parties will be jointly responsible for the marketing of the oil and gas pipeline coating business in the region. The MOU is effective as of the date on which it is executed and will terminate: if and when the Parties hereto unanimously so decided for any reason whatsoever (as evidenced by an instrument in writing signed by both of the Parties); or upon execution of the Cooperation Agreement, the said agreement will supersede and replace this MOU. whichever occurs earlier.