Shoaibi Group (SG) and the UK’s ITS have announced the formation of ITS Arabia, a joint venture offering operators oilfield equipment and services across the Gulf region.
ITS Group, which has had a Gulf presence since 1996 when it established a UAE office, announced last year that it had almost doubled its revenues in the region in the preceding two years, securing major contracts in Saudi Arabia, Oman, Qatar and UAE.
The new company – ITS Arabia – will be based in Al Khobar, Saudi Arabia, and provide a wide range of drilling equipment and associated services to regional oil and gas organisations.
ITS has been operating in Saudi Arabia for the past three years and has now partnered with the Shoaibi Group in a bid to accelerate its expansion in the Kingdom. Plans are already underway to establish a machine shop facility for manufacturing, repair and inspection activity, which will support further investment in equipment and personnel over the next 18-24 months.
“A major contributor to the ITS success story has undoubtedly been the strong development of our Middle East operations. We have invested in infrastructure, equipment and people to support our growth,” said Jeff Corray, CEO of ITS Group.
The joint venture offers operators the full complement of ITS’s drill pipe, drill collars, stabilisers, drilling jars, and casing running equipment, as well as its line in fishing tools and pressure control equipment, available on a sale or rental basis. In addition, ITS Arabia Limited offers fishing, tubular running and a variety of machine shop services all of which is delivered by a team of highly-skilled professionals.
“The continued development of our business in Saudi Arabia is a key focus for us going forward. Through Shoaibi Groups’ strong market expertise and operations, we are confident that our strategic partnership will deliver significant results, further our investments, and impact the oil and gas industry in the Kingdom of Saudi Arabia,” added Corray..
“ITS represents a very complementary service suite to our activities in the oil and gas industry in Saudi Arabia. We look forward to joining our resources to enhance market presence,” said Khalid Al Shoaibi, director of Shoaibi Group.
