ITS Group, a global supplier of oilfield products and services, announced the formation of a new company, ITS Scomi Pte Ltd, following a joint venture agreement with Malaysian based Scomi Group Bhd, a leading global service provider in the oil and gas services industry with significant operations in the Asia Pacific region.
ITS Scomi, based in, Singapore will provide a wide range of oilfield equipment and associated services to oil and gas companies in the region. ITS has been operating in Singapore for the past three years and has now partnered with Scomi Group in a bid to accelerate its expansion in the region.
The joint venture offers operators the full complement of ITS's equipment and a comprehensive service offering. Including drill pipe, drill collars, stabilizers, drilling jars, casing running equipment, fishing tools and pressure control equipment, available on a sale or rental basis. In addition, ITS Scomi offers fishing and tubular running services, and will cover the Asia Pacific region including countries such as Singapore, Malaysia, Indonesia, Thailand, Vietnam, Myanmar, Brunei, Cambodia, Australia, New Zealand & East Timor.
Jeff Corray, CEO of ITS Group, said, "The region offers a significant market opportunity for us. Working with Scomi Group as a partner will provide our customers and target customers with in-country expertise and maintain our business model of delivering significant local content. With energy and logistics engineering facilities across the region and established customer relationships Scomi Group offer us a great route to accelerating our investment and growth in this territory."
Shah Hakim Zain, CEO of Scomi Group, said, "In meeting the challenging market environment, the Group is continuing to extend its services globally through various expansion initiatives; such as the strategic joint venture of ITS and Scomi. We aim to take advantage of new emerging opportunities to leverage our vast experience, expertise and business network in the region in line with our direction to become a Global Technology Enterprise."
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