Technip and Subsea7 form JV in Asia Pacific regionNews // September 13, 2005
Technip and Subsea 7†announced†today (Tuesday 13th of September) that they signed a Memorandum of Understanding (MoU) whereby their respective affiliates Technip Oceania Pty Ltd and Subsea 7 Singapore Pte Ltd are to†form a jointly operated company for subsea offshore activities in the Asia Pacific region (excluding India and Middle-East).
Under the terms of the MoU,†Technip and Subsea 7 will bid for and carry out all engineering, procurement, construction, installation, commissioning and/or maintenance (EPCIM)†contracts for the subsea production and transportation of oil and gas within the Asia Pacific region, including the supply of flexible pipe via the Technip/Subsea 7 joint venture.
The head office of this newly formed company will be located in Perth, Western Australia.
Technip and Subsea 7 have demonstrated their capacity to work successfully together on past projects in the region including the Trunkline System Expansion Project for Woodside Energy Limited and are currently executing the Kikeh Subsea EPCI project awarded by Murphy Sabah Oil Company Ltd.
"The combination of the capabilities of Technip and Subsea 7 in the region will enable the newly formed joint venture to better serve its clients, especially for their larger and more demanding projects. The joint venture shall have exclusive and operational control of two vessels:†Technipís CSO Venturer and the Subsea 7ís Rockwater 2, which will remain in the region to perform and support the EPCIM projects in the Asia Pacific region," said the two companies in a joint statement.
The definitive agreements will be subject to clearances of all relevant regulatory authorities.