Singapore’s Keppel Offshore & Marine has entered into an agreement with Russian oil major, Rosneft, and Norwegian drilling equipment firm, MHWirth, to set up a Singapore incorporated joint venture company (JVCO).
The shareholding of Keppel O&M, Rosneft and MHWirth in the joint venture will be 45%, 45% and 10%, respectively.
The JVCO will establish a wholly-owned design and engineering centre (DEC) in the Russian Federation, and its principal business activities will be in relation to the design and engineering of mobile offshore drilling units for shallow waters to cater to the region.
Keppel said both the JVCO and the DEC will, in the conduct of its business and activities, adhere to the prevailing US and European Union sanctions imposed on the Russian offshore oil and gas sector.
The initial projects undertaken by the DEC will be from Rosneft for design and engineering work related to shallow water platforms. It will also look to take on work from other Russian and international customers.
This month, Keppel also completed the acquisition of Cameron International’s offshore product division for US$100 million, comprising the Letourneau jackup rig designs. The acquired company will operate as Keppel Letourneau with offices in the US, UAE and Singapore.
In March, drone inspection specialist, Sky-Futures said it is collaborating with Offshore Technology Development, a subsidiary of Keppel, to offer inspection services to the global offshore and marine industry. This partnership will see Sky-Futures offer its drone inspection services to Keppel’s client base, whilst Keppel provides its project management, engineering and repair expertise.