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FINANCIAL NEWS
Saudi- Shoaibi Group, AYTB and Lamprell ink JV agreement
07 Sep 2012
(MENAFN) Saudi Shoaibi Group, an industry and energy services provider, Al-Yusr Townsend and Bottum LLC (AYTB), an integrated industrial, technical and logistical services provider and Lamprell, a key provider of diversified engineering and contracting services to the onshore and offshore oil and gas and renewable energy industries in the Middle East have inked a joint venture (JV) agreement to found Lamprell Arabia Ltd., reported Arab News.
Lamprell’s CEO, Nigel McCue, said that the aim of the new company is to set up a presence for new build fabrication, refurbishment and repair of land drilling rigs in the Kingdom.
Furthermore, the JV will provide new build fabrication, renovation and repair of the country’s land rigs, additional fabrication for onshore assets and services on Saudi offshore rigs.
It is worth noting that Lamprell has been in partnership with the two other firms for 11 years through the Maritime Industrial Services Arabia Co. Ltd. (MIS Arabia) JV agreement, which was founded in 2001 to provide fabrication services for pressure vessels, columns and other specialized process equipment.
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