The memorandum paves the way for the two parties to combine resources to jointly explore investment opportunities to expand the Engineering, Procurement, Construction, Installation and Commission ("EPCIC") activities of Swiber into the Gulf Region, the Middle East including Pakistan.
EIG is an investment company based in the United Arab Emirates with interests in the Middle East and Asia Pacific regions. It sources unique business development opportunities and works closely with established companies through partnerships. With an initial focus on Financial Services and Real Estate, EIG is expanding its portfolio with new investments in the Trading, Industry, Aviation and Oil & Gas sectors.
MOU encourages both parties to establish a 50:50 joint venture company ("JVC") to combine the market understanding and business contacts from EIG, with the technical capability, marine vessels and technical personnel from Swiber.
The proposed JVC will be incorporated in the Emirate of Sharjah, United Arab Emirates, and may have offices in any region within the Territory.
Raymond Goh, founder and Chief Executive Officer of Swiber, commented, "The Middle East is of strategic importance to Swiber's development as it is a major growth area for the oil and gas industry. This alliance with EIG is an important step in our strategy to increase our market presence in this region. We are confident that by combining the market knowledge, resources and personnel, the joint venture company is well-positioned to capture a slice of the rapidly growing EPCIC market and build a strong business in the Middle East."
The proposed joint venture is subject to execution of definitive agreements and required regulatory approvals.
Established in 1996, Swiber is today an integrated offshore EPCIC contractor with in-house marine support capabilities (Offshore Marine Support). Through the integration of these two core businesses, Swiber provides customers with one-stop solutions for all the relevant stages of their offshore oil and gas projects.
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