Petrofac agrees Saudi Arabian JV

24th Nov 2009 07:12

Petrofac, the oil & gas facilities service provider, said it has established a joint venture agreement with Zamil to create and operate a new service centre facility in Saudi Arabia.The joint venture company, will be a limited liability company, owned and operated equally by Petrofac and Zamil with each partner making an initial cash investment of 2,000,000 SAR ($530,000). The company is expected to begin trading in early 2010. Petrofac said it's interests in the new venture will be overseen by its mechanical services operation, part of the Offshore Engineering & Operations business, which already operates similar facilities in the United Arab Emirates.The service centre 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.