ITS Group Forms JV with Shoaibi Group to Expand in Saudi Arabia
ITS Group, a global supplier of oilfield products and services, announced the formation of a new company, "ITS Arabia Limited," following a joint venture agreement with Shoaibi Group, one of the leading Saudi players in the oil and gas industry. ITS Arabia Limited, based in, Al Khobar, Saudi Arabia, will provide a wide range of drilling equipment and associated services to regional oil and gas organisations. ITS has been operating in Saudi Arabia for the past three years and has now partnered with the Shoaibi Group in a bid to accelerate its expansion in the Kingdom. Plans are already underway to establish a machine shop facility for manufacturing , repair and inspection activity, which will support further investment in equipment and personnel over the next 18-24 months.
The joint venture offers operators the full complement of ITS's equipment and a comprehensive service offering. Drill pipe, drill collars, stabilizers, drilling jars, casing running equipment, fishing tools and pressure control equipment are available on a sale or rental basis. In addition, ITS Arabia Limited offers fishing, tubular running and a variety of machine shop services all of which is delivered by a team of highly-skilled professionals.
Jeff Corray, CEO of ITS Group, said, "A major contributor to the ITS success story has undoubtedly been the strong development of our Middle East operations. We have invested in infrastructure, equipment and people to support our growth. The continued development of our business in Saudi Arabia is a key focus for us going forward. Across the ITS Group we pride ourselves in ensuring significant local content and I am delighted to be entering into this partnership with Shoaibi Group to help us with our ambitions for further investment in this market. Through Shoaibi Groups' strong market expertise and operations, we are confident that our strategic partnership will deliver significant results, further our investments, and impact the oil and gas industry in the Kingdom of Saudi Arabia."
Khalid Al Shoaibi, Director of Shoaibi Group, said, "ITS is a professional service oriented partner to its customers and represents a very complementary services suite to Shoaibi Group activities in the oil and gas industry in Saudi Arabia. We look forward to working together as a team and joining our resources to enhance market presence."