Swiber deal with EIG for Mideast expansion
Singapore, June 11, 2007
Singapore's offshore oil engineering firm, Swiber Holdings, said it has signed an MoU with Emirates Investments Group to explore investment opportunities in the Gulf region, and the Middle East including Pakistan.
The MOU encourages both parties to establish a 50:50 joint venture company to combine market understanding and business contacts from EIG, and technical capability, marine vessels and technical personnel from Swiber, a company said in a statement.
The proposed joint venture company will be incorporated in the Emirate of Sharjah, United Arab Emirates, and may have offices in any region within the territory, the statement said.
Swiber, which has a market value $442 million and operates 15 vessels, has operations in Singapore, Malaysia, Indonesia, Thailand, India, China Australia, the United Kingdom and the United States.
EIG is an investment company based in the UAE with interests in the Middle East and Asia Pacific regions. - Reuters
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