Bumi Armada, Fugro Forms Well Services Joint Venture
Malaysia's international offshore oilfield services company, Bumi Armada Berhad and the Netherlands-based geotechnical, survey, subsea and geoscience service provider Fugro announced Thursday that they have signed a joint venture agreement to target the Well Services industry. The new venture, in which Bumi Armada will have a 51 percent interest and Fugro a 49 percent interest, will feature a multi-disciplined team made up of members of both companies with skills in marine operations, well intervention and drilling operations. The new company will leverage the strengths of each party to develop new lines of business in the fast expanding well services segment, and will widen each companies offering to their respective client bases.
Bumi Armada’s CEO/Executive Director, Hassan Basma said, “This investment will represent our first foray into the lucrative and expanding subsea market where Bumi Armada intends to make its presence felt. These additional services will contribute to our footprint on a global scale with focus on our core markets. The top hole drilling and well intervention services complement our existing floating, storage, production and storage (FPSO), transport and installation (T&I) and offshore support vessel (OSV) businesses, enabling us to offer our clients a full range of services and vital subsurface expertise required for brown fields and Risk Sharing Contracts.”
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