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Keppel O&M forms joint venture to grow presence in Russia

Keppel O&M forms joint venture to grow presence in Russia
Singapore’s Keppel Offshore & Marine (Keppel O&M) has entered into an agreement with Russian state firm Rosneft Oil Company and Norwegian drilling equipment firm MHWirth to set up a joint venture in Russia.

The Singapore-incorporated Joint Venture Company (JVCO) will establish a wholly-owned Design and Engineering Centre (DEC) in Russia, with its principal business activities in the design and engineering of mobile offshore drilling units for shallow waters to cater to the region.

The shareholding of Keppel O&M, Rosneft and MHWirth in JVCO will be 45%, 45% and 10% respectively.

“Both the JVCO and the DEC will, in the conduct of its business and activities, adhere to the prevailing US and European Union sanctions imposed on the Russian offshore oil and gas sector,” Keppel Corp, parent firm of Keppel O&M, said.

The initial projects undertaken by DEC will be from Rosneft for design and engineering work related to shallow water platforms. It will also look to take on work from other Russian and international customers.

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