All provisions of the PSCs will remain in full force and effect and binding.
Following the signing of two production sharing contracts (PSCs) with Petroliam Nasional Berhad (Petronas) on Aug 30, 2021, SGX-listed Rex International has signed deeds of novation with Petronas, Duta Marine Sdn. Bhd. (Duta Marine) and Pantai Rhu Energy Sdn Bhd (PRE) for PRE to replace Rex International under the PSCs.
Duta Marine is Rex International’s Malaysia partner while PRE is a wholly-owned subsidiary under Rex.
