UMW Deepnautic JV Launched for SE Asia Deepwater Projects
UMW Oil & Gas and SWG Offshore International have formed a Joint Venture called UMW Deepnautic. The JV will target subsea and deepwater installation projects in SE Asia.
The new company is incorporated in Singapore and Malaysia, bringing together the unique strengths and capabilities of the two entities. The JV allows the partners to jointly expand their businesses into the high growth subsea and deepwater installation sector in the South East Asian region.
UMW Deepnautic will continue to offer the technically competent services and project execution track record of SWG Offshore, while accessing to the extensive network and capabilities of UMW Oil & Gas. This includes UMW's substantial offshore fabrication capacity in Singapore, Malaysia and Vietnam. SWG Offshore International will complete all existing works contracted to it, with all new contracts being entered into by the new UMW Deepnautic JV.
UMW Oil and Gas is a wholly owned subsidiary of the UMW Group which is listed on Bursa Malaysia and employs circa 11,000 people worldwide.
SWG Offshore is a wholly owned subsidiary of the Programmed Group which is listed on the Australian Stock Exchange and also employs circa 11,000 people worldwide. SWG Offshore's wholly owned subsidiary in Perth, Western Australia will remain unaffected by the establishment of this JV.