New JV to serve saudi oil, gas sector
Al Khobar, November 24, 2010
General Technologies & Systems Co (Gentas), a subsidiary of Saudi-based Shoaibi Group, and Saudi Trading & Research Co (Starc) have signed an agreement with Qatar’s Subtech, a subsidiary of Mermaid Maritime Public Co, to form a joint venture in Saudi Arabia.
The venture, Subtech Saudi Arabia, will be based in Al Khobar. It intends to provide diving and offshore marine services to the oil and gas industry in the kingdom.
The deal marks another milestone for Mermaid and brings it closer to expanding its presence and business in the Middle East and the Gulf.
Subtech is an International Marine Contractors Association (IMCA) approved contractor certified by all the major classification societies, said a statement.
Subtech will have available for Subtech SA a range of diving and sub‐sea offshore services including dive intervention (air & saturation) for both inshore and offshore operations, salvage operations, subsea installations, repairs, inspection and maintenance.
Subtech SA will also offer, through Subtech and Mermaid’s other wholly owned subsidiary Mermaid Offshore Services, saturation diving systems, remotely operated vehicles (ROVs) and dynamically positioned (DP) dive support vessels.
Khalid Al Shoaibi, chairman of Gentas and appointed chairman of Subtech SA, said: “We are pleased to enter into this joint venture with Subtech and expand Gentas’ range of marine offshore services to the offshore oil and gas industry of Saudi Arabia. The venture will enable us to seek successful business opportunities by capitalizing on Gentas’ strong local presence and Subtech’s extensive international expertise.”
Paul Whiley, managing director of Subtech, said: “We are confident that this joint venture will accelerate our expansion into the Kingdom of Saudi Arabia. Subtech’s intention was to partner with an existing local entity that has an established stronghold in the market, and Gentas fits the role perfectly”. – TradeArabia News Service
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