Bumi Armada and Fugro set up JV for well services

by **Cals** Fri 30 Aug 2013, 02:12

Published: Thursday August 29, 2013 MYT 5:28:00 PM
Updated: Thursday August 29, 2013 MYT 5:31:36 PM
Bumi Armada and Fugro set up JV for well services

KUALA LUMPUR: Malaysia-based offshore oilfield services company, Bumi Armada, and Dutch multinational Fugro, a specialist in geo-science services, have signed a joint venture agreement to cater to the well services industry.

Bumi Armada will take a 51% interest and Fugro a 49% interest in the new company, which will feature a multi-disciplined team made up of staff from both companies with skills in marine operations, well intervention and drilling operations.

In its statement to the press, Bumi Armada said the new company would leverage the strengths of each party to develop new lines of business in the fast expanding well services segment, widening each company’s offerings to their respective client bases.

“This investment will represent our first foray into the lucrative and expanding sub-sea market where Bumi Armada intends to make its presence felt. These additional services will contribute to our footprint on a global scale with focus on our core markets,” said Bumi Armada’s CEO, Hassan Basma.

“The top hole drilling and well intervention services complement our existing FPSO (floating production storage and offloading), T&I (transport and installation) and OSV (offshore supply vessel) businesses, enabling us to offer our clients a full range of services and vital sub-surface expertise required for brown fields and risk-sharing contracts,” he added.