McDermott International announced on Tuesday it has signed a joint venture agreement with the Middle East's largest offshore and marine services provider Zamil Offshore in a move that aims to capitalize on a rising maintenance, modifications and operations (MMO) market in Saudi Arabia.
The companies will work together on an exclusive basis to provide offshore brownfield EPCI solutions and asset maintenance services for national oil and gas company Saudi Aramco. The new joint venture will be uniquely positioned to offer integrated, cost effective MMO services, McDermott.
According to US based McDermott, its partnership with Zamil will provide access to a new revenue stream in the maintenance, turnaround, inspection and asset integrity services market in Saudi Arabia where the company is targeting long-term growth.
"Our partnership with Zamil reflects McDermott's commitment to supporting Saudi Aramco across the oil and gas production life cycle," said Linh Austin, McDermott's Senior Vice President, Middle East and North Africa. "Building on the strengths and distinguished track-record of both companies and fueled by McDermott's technology and digital-ready solutions, we will enable our customers to maximize the performance of offshore assets by increasing reliability and production uptime."