Oilfield services companies Tasman Oil Tools Group and OLIO Resources Sdn Bhd have announced the launch of a new joint venture entity, OLIO Tasman Oil Tools Sdn Bhd.
The joint venture will combine the resources, expertise and capacity of both companies, supplying drilling rental tools, wellbore clean up and pressure control solutions to the South East Asian region.
“This is a very important step for Tasman and Northbridge in general,” said Eric Hook, CEO of Tasman’s parent company, Northbridge Industrial Services plc.
“It shows that, even during the downturn, we are expanding our geographical offering, with South East Asia forming a bridge between current Tasman activities in Australasia and the Middle East,” he added.
Describing OLIO, Hook said the company was an excellent partner with some ‘key contracts in place’.
“We look forward to a long and prosperous relationship with them, sharing key assets and skills to provide first-class service to our customers,” said Hook.
Dato’ Ramli Md Nor, group executive chairman of OLIO, said the venture was a ‘pivotal step’ to OLIO being able to offer ‘real value’, in its home and surrounding markets.
“We are increasing our local and regional content to service our markets, with high focus on quality, health and safety and driving up the industry standards, to the benefit of our valued clients,” Nor said in a company statement.