Kvaerner, COOEC Form JV in China to Pursue EPC Projects Globally

Norway's Kvaerner announced Wednesday that the company and China Offshore Oil Engineering Co. Ltd (COOEC) have established an Engineering Joint Venture, Kvaerner COOEC Engineering & Technology Ltd (KCET), located in Qingdao, Shandong, China. KCET is established to carry out and further develop joint engineering capability for international EPC projects.

In April 2013, Kvaerner and COOEC signed a 10 year Strategic Cooperation Agreement with respect to global business development. Currently, COOEC is executing a part of the expansion of the Nyhamna onshore processing plant in Norway for Kvaerner. The partners are currently positioning for other international projects.

The new engineering company will be a part of the Kvaerner's and COOEC's delivery model for international EPC projects. Already, more than 70 experienced engineering personnel from both COOEC and Kvaerner are working to execute basic engineering for KCET's first topside module project in China, Enping Phase II.

"COOEC recognizes Kvaerner as the ideal partner within international deep water and harsh environment projects to support COOEC's ambition domestically and internationally. Kvaerner will bring international management, tools and working methods while COOEC is providing a team of experienced offshore engineers. This is a great foundation and we are confident that this will be a successful company that will add value for our clients. We have built strong confidence and mutual trust between the companies. Together with Kvaerner we can provide full EPCI solutions to international clients in a competitive manner", Zhou Xuezhong, president & CEO of COOEC said.

"This company will benefit from the combination of Kvaerner's international experience, proven project execution model and COOEC's cost-effective engineering and fabrication methodology. The company will provide a close interaction between engineering and fabrication to ensure control of quality, HSSE, schedule and cost underpinned by safety in design. It will further accelerate the promotion of our joint delivery model to customers. The COOEC partnership is important for Kvaerner's future international growth as well as further development of cost efficient delivery models," Jan Arve Haugan, president & CEO of Kvaerner said.

The new company, which received its business license this spring is headed by General Manager Arnstein Ansnes from Kvaerner and his deputy is Zhang Yanfang from COOEC. The Chairman of the Board is COOEC EVP Yang Yun.

The official opening July 2 was witnessed by Zhou Xuezhong, president & CEO of COOEC and Jan Arve Haugan, president & CEO of Kvaerner.


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