Wah Seong Corp Forms Drilling Service Company
Wah Seong Corp has formed a joint venture company in Hong Kong to provide horizontal directional drilling services in the oil and gas industry throughout mainland China. Wah Seong China Ltd entered into an agreement with Asia Pipeline Services Ltd to form a 50:50 JV in Nacap Drilling (China) Co. Ltd. Wah Seong China will acquire a 50 percent stake in Nacap at US $100,000 (RM380,000) that would be financed via internal funds.
Wah Seong said Nacap would provide horizontal directional drilling services in the oil and gas industry throughout mainland China. Pending a change in name, Nacap is now known as China Pipe Coating Services Ltd.
Wah Seong China is Wah Seong's 80 percent-owned sub-subsidiary in the oil and gas infrastructure service industry, while Asia Pipeline is owned by NACAP Asia Pacific Sdn Bhd that is involved in the installation of oil and gas pipelines and telecommunications.
"The investment in Nacap is synergistic to the existing businesses of Wah Seong China and will serve as the vehicle for all existing and future horizontal directional drilling services within the Chinese market, which holds tremendous potential," said Wah Seong managing director Chan Cheu Leung.
- Wasco Signs $674M Contract for Nord Stream 2 Project (Sep 07)
- Wasco Bags Pipe Coating, Storing Tender for Nord Stream 2 Project (Jul 11)
- SapuraCrest, L&T to Operate Heavy-lift Vessel (Apr 04)
Company: Nacap Drilling more info
- Wah Seong Corp Forms Drilling Service Company (Jun 05)