KCA Deutag, SOCAR AQS Reach Agreement to Form Joint Venture
KCA Deutag announced Thursday that it has reached an agreement with SOCAR AQS to form a joint venture.
The joint venture, which will be called Turan Drilling & Engineering Company LLC, will target “existing and future opportunities in the offshore and onshore Caspian drilling and engineering market,” according to a statement on KCA’s website.
Based in Baku, Azerbaijan, the joint venture will be jointly owned and managed.
“This is an exciting step in the group’s strategy to develop our business in the Caspian region,” KCA Deutag CEO, Norrie McKay, said in a company statement.
“It brings together two businesses with complementary skillsets, which we believe will strengthen our offering to clients, and enable us to jointly expand our footprint in the region,” McKay added.
Nasib Hasanov, the founder of Nobel Oil Services, the major shareholder of SOCAR AQS, said the establishment of the joint venture will create new opportunities for business development.
“Over the years of its operation, SOCAR AQS has achieved considerable achievements. As a result of its successful performance, the company has proven itself as a reliable partner,” Hasanov said in a company statement.
“The establishment of this joint venture with KCA Deutag will create new opportunities for business development. I believe our cooperation will be mutually beneficial and our clients will be able to receive even more advanced services,” Hasanov added.
The KCA Deutag group currently employs approximately 780 people in Azerbaijan, 79 percent of whom are Azerbaijani nationals. The group has been operating in the country since 1995.
KCA Deutag, whose history dates back to 1888, describes itself as one of the world’s leading drilling and engineering contractors. The company operates 117 drilling rigs in 20 countries, according to its website.
SOCAR AQS LLC was established as an integrated drilling and well services management company between the State Oil Company of Azerbaijan Republic (SOCAR) and Absheron Drilling Company (AQS) in 2007. The company’s vision is to become a leading international drilling company, according to its website.
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