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Shoaibi, GMS in offshore services JV

Riyadh, July 26, 2009

Saudi-based Shoaibi Group (SG) and the UAE’s Gulf Marine Services (GMS) have signed an agreement to set up a joint venture company to provide offshore barge operation services in the Kingdom.

The new company, named “Gulf Marine Services Saudi Arabia (GMSSA), will be based in Al Khobar, Saudi Arabia, and will allow the JV partners to expand their off-shore operations of barge charters and avail from the scale of opportunity and future potential for all offshore areas arising in the region.

Gulf Marine Services is the largest elevating support vessel operator in the Middle East, supplying a modern fleet of self propelled barges to the oil and gas market, while Shoaibi Group has expertise in the oil and gas market in Saudi Arabia.

The new JV will, therefore, capitalise on this expertise, and on the substantial offshore capital expenditure forecast for the region, said officials of the two companies.

GMSSA is set to provide floating or self-elevating offshore platforms, which will be used by oil companies for offshore well maintenance, construction and accommodation.

Specifically, it will cover services such as: Well intervention and workover operations; well completion and well testing operations; offshore cranage and heavy lifting services; diving operations; topside construction and maintenance activities; and temporary offshore accommodation, including hotel services.

On the new venture, Duncan Anderson, chief executive officer of GMS said, “Saudi Arabia is an extremely important market to us. Shoaibi Group’s experience in the Saudi oil and gas sector perfectly complements GMS’s area of expertise. We believe we have the ideal partner to establish ourselves in the largest single market in the Arabian Gulf.”

Khalid Al Shoaibi, Shoaibi Group director, expressed delight at the partnership with GMS, the leading regional operator of best-in-class offshore barges and support vessels.

"We are confident that our partnership will be of invaluable service to the further development of Saudi Arabia’s offshore oil and gas industry," he added.-TradeArabia News Service




Tags: offshore | Shoaibi Group | Gulf Marine Services |

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