Petrofac has established a Joint Venture agreement with Zamil Group Holding Company to create and operate a new service center facility in the Kingdom of Saudi Arabia.
The Joint Venture Company (the "Company"), will be a limited liability company, owned and operated equally by Petrofac and Zamil with each partner making an initial cash investment of 2,000,000 SAR (c. US $530,000). Limited additional investment in plant and equipment may be necessary and will be met equally by the partners.
The Company is expected to begin trading in early 2010. Petrofac's interests in the new venture will be overseen by its mechanical services operation, part of the Offshore Engineering & Operations business, which already operates similar facilities in the United Arab Emirates.
The service centre will provide a range of capabilities covering oilfield and process plant equipment. The activities will include the overhaul, maintenance and repair for process equipment as well as the manufacture of spare parts, component reconditioning, assembly of third-party equipment and field-service support.
The alliance with the Zamil Group enables Petrofac to create a platform for the delivery of essential equipment maintenance and reconditioning services in Kingdom, and underlines the group's commitment to having a long-term presence in Saudi Arabia.
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