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The oil and gas contractor Petrofac has announced that it has signed a joint venture agreement with the Saudi Arabian-based Zamil Group Holding Co to create and operate a new service centre facility in the KSA.
In a statement the UK and Sharjah-based company said that the JV will be operated equally with each partner making an initial cash investment of US$530,000. The statement also said that further investment may be needed to cover the cost of plant and equipment.
“The alliance with the Zamil Group enables Petrofac to create a platform for the delivery of essential equipment maintenance and reconditioning services in Kingdom, and underlines the group’s commitment to having a long-term presence in Saudi Arabia,” the statement said.
The service centre, due to begin trading in early 2010, will provide a range of capabilities covering oilfield and process plant equipment. The activities will include the overhaul, maintenance and repair for process equipment as well as the manufacture of spare parts, component reconditioning, assembly of third-party equipment and field-service support.
