Gulf Oil and Gas accountACCOUNT

Lamprell Forms a JV to Expand Operations in SA

Source: www.gulfoilandgas.com 9/6/2012, Location: Middle East

Lamprell, a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries in the Middle East, has signed a joint venture agreement with Shoaibi Group, a Saudi industry and energy services provider, and Al Yusr Townsend and Bottum (AYTB), a Saudi integrated industrial, technical and logistical services provider, to form Lamprell Arabia Ltd.

The Joint Venture, which will be based in Al Khobar in the oil rich Eastern province of Saudi Arabia, intends to establish a presence for new build fabrication, refurbishment and repair of land drilling rigs in Saudi Arabia, by combining Lamprell’s expertise in this sector and Shoaibi Group’s strong experience in the Saudi onshore and offshore market and AYTB’s operational support facilities and multi-disciplinary workforce.

Lamprell Arabia Ltd. will offer new build fabrication, refurbishment and repair of Saudi land rigs, ancillary fabrication for onshore assets and services on Saudi offshore rigs, with the intention of opening a local workshop in the recently built Shoaibi Group Oil and Gas Park, located in the Industrial Village zone in Dammam, Saudi Arabia.

The Lamprell Group has been in partnership with the two entities for 11 years through the Maritime Industrial Services Arabia Co. Ltd. (MIS Arabia) Joint Venture agreement, which was established in 2001 to offer fabrication services for pressure vessels, columns and other specialized process equipment.

Shoaibi Group Director, Eng. Khalid Suhayl Al Shoaibi, said: “This is a landmark joint venture for the Shoaibi Group and we are all extremely pleased to enter into this joint venture agreement with Lamprell and AYTB. This joint venture builds on the strengths of the three companies to expand Lamprell’s operations in Saudi Arabia and will further reinforce Shoaibi Group’s market positions across our engineering and contracting services to the Saudi upstream industry. Saudi Arabia has an estimated 98 onshore drilling rigs in place and there is a rising demand for advanced drilling equipment and oilfield services in the upstream market, which justifies Lamprell’s expansion into market at this time.”

Nigel McCue, Chief Executive Officer, Lamprell commented: “Saudi Arabia presents strong opportunities for Lamprell in the onshore rig market. As we continue to strengthen our core competencies, this agreement builds on the Group’s existing business in the country, furthering our long-term relationships with the two companies and leveraging our expertise in land rig services. We are particularly pleased to be signing this agreement with two prominent entities that are well recognized in the Kingdom, Al Shoaibi Group and AYTB, whose knowledge of the Saudi Arabian market will complement Lamprell’s technical expertise in the oil & gas sector.”

AYTB Managing Director, Mr. Amr Bin Halim commented: “AYTB is very enthusiastic about the new joint venture combining the knowledge and expertise of three leading service and fabrication companies. AYTB will contribute to the success of the new JV with a great deal of market knowledge, solid organization, operational support facilities on the East and West coasts of the Kingdom and, above all, a willing, multi-disciplinary and capable workforce.”

Mergers and Acquisitions News in Saudi Arabia >>

United States >>  2/6/2019 - Air Liquide announces that Airgas has signed a definitive agreement to acquire TA Corporate Holdings, Inc. (“Tech Air”), a large independent distribut...
Russia >>  2/5/2019 - Tenaris S.A. will form a joint venture with PAO Severstal to build a welded pipe plant to produce OCTG products in the Surgut area, West Siberia, Russ...

Norway >>  2/1/2019 - Equinor has completed the EUR 400 million acquisition of Danske Commodities (DC) announced in July 2018, after having received all required regulatory...
United States >>  2/1/2019 - Emerson (EMR) has completed the purchase of Intelligent Platforms from General Electric (NYSE:GE). The addition of Intelligent Platforms programmable ...

Turkey >>  1/31/2019 - Mitsubishi Heavy Industries Thermal Systems, Ltd., a Group company of Mitsubishi Heavy Industries, Ltd. (MHI), has concluded an agreement with the sha...
Malaysia >>  1/29/2019 - Sapura Energy Berhad has received shareholders approval for the 50:50 strategic partnership with Austria’s OMV Aktiengesellschaft. In a statement, the...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.