Oceanteam enters into engineering joint ventureNews // April 3, 2008
Oceanteam has announced that it has agreed with the management of KCI Oil & Gas Engineers in the Netherlands a joint venture for the renewables market.
The management concluded at the same time a successful management buy-out of the Wood Group.
Oceanteam ASA supported the management buy-out with a combination of equity and debt financing.
In the process Oceanteam established a commercial relationship with KCI to provide engineering support for its offshore renewables and offshore power grids operation.
KCI, based in Schiedam, The Netherlands, is an independent oil and gas engineering company and employs more than 100 multi-disciplinary engineers.
To support the commercial agreement and the renewables market in general, KCI will expand its number of employees further.
The commercial terms between the parties are confidential.
Said Oceanteam: "The establishment of a commercial relation with KCI Engineering is part of the continuous effort by Oceanteam to increase its capability and to support and goal to be the prime provider of installation and trenching services to the offshore power cable industry."