The 270-person vessel, to be completed in the fourth quarter of 2008, will allow the companies to better address the growing global demand for oil and gas engineering, procurement, installation, construction and services. The 130-meter conventional vessel is capable of lifting heavy loads of up to 1600 tons revolving, and 2400 tons in fixed mode. It will provide offshore installation services including sub-sea pipelaying, platform installation opportunities across India, the Middle East, South East Asia, Australia and the Sakhalin region.
"Quality and delivery in our work has always been SapuraCrest's key focus in ensuring that we continually grow our shareholder's value and enhance our competitive advantage while delivering our primary focus – customer satisfaction," said Datuk Shahril Shamsuddin, Executive Vice-Chairman, SapuraCrest Petroleum Berhad. "This joint venture is the latest in a line of similarly strategic efforts that we have undertaken over the last two years to ensure that we possess the right technology, infrastructure, reach and human capital to address the needs of our clients from India to Australia . L&T is a leader in its field and this joint venture will be mutually beneficial to both companies."
L&T is a technology-driven engineering and construction organization, and one of the largest companies in India's private sector. It has additional interests in manufacturing, services and Information Technology along with its interests in the oil and gas industry where it is already acknowledged as a leader in fabrication and engineering, construction services including turnkey projects.
"Today's partnership further strengthens our ability to meet the needs of our customers in EPC projects and services for the oil and gas industry. SapuraCrest is an acknowledged regional leader in its field and our partnership strengthens both our companies while allowing our customers greater satisfaction and our shareholders greater returns," said Mr. A. M. Naik, Chairman and Managing Director, L&T. "To L&T's existing capabilities of EPC, this new company will add a vital new dimension – the power of I – Installation," he added.
SapuraCrest will own 40 per cent of the yet to be named joint venture company with 60% being held by L&T.
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