Oil Services Joint Venture Set Up

June 17, 2009
Manama, Bahrain

Shoaibi Group and FMC Petroleum Equipment (Malaysia) yesterday announced the formation of a joint venture, FMC Technologies Saudi Arabia, based in Al Khobar.

The joint venture will offer oil operators equipment and services for oil and gas exploration, development and production.

FMC Petroleum Equipment (Malaysia) is a wholly-owned subsidiary of FMC Technologies USA.

The joint venture will manufacture surface wellhead equipment meeting API standards as well as FMC's rigorous global quality standards in Saudi Arabia.

It will benefit significantly from Shoaibi Group's strong operations and market expertise across Saudi Arabia.

"This represents a significant milestone in becoming more responsive to Saudi Aramco and to our ever-expanding customer base," said FMC Technologies general manager of Asia Pacific Middle East Don Underwood.

"It is consistent with our commitment to sustainable development in Saudi Arabia."

"We are honoured to extend our business venture with FMC Technologies into local manufacturing, and trust our partnership will achieve excellent results, Shoaibi Group director Khaled Suhayl Al Shoaibi said.

"FMC Technologies, as a world leader in technology solutions for the energy industry, fuses well with our strategy to bring technology to the Middle East and North African oil and gas markets."

Source: Gulf Daily News

For more information, please contact the Office of the Economic Representative via e-mail info@bahraingateway.org or by telephone at (202) 537-7810.