MHWirth Forms Joint Venture to Grow its Presence in Russia
Kristiansand, May 19 2016 – MHWirth has today entered into a shareholders’ agreement with the Russian national oil company, Rosneft Oil Company (Rosneft), and Keppel Offshore & Marine, to set up a Singapore incorporated Joint Venture Company. The shareholding of Keppel Offshore & Marine, Rosneft and MH Wirth in the joint venture will be 45%, 45% and 10% respectively.
The joint venture will establish a wholly-owned Design and Engineering Centre in the Russian Federation, and its principal business activities will be in relation to the design and engineering of mobile offshore drilling units for shallow waters to cater to the region. Both the joint venture and the Design and Engineering Centre 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.
The initial projects undertaken by the Design and Engineering Centre 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.
MHWirth is a leading global provider of first-class drilling solutions and services designed to offer our valued clients with the safer, more efficient and reliable alternative. Our company vision is centered on an unparalleled commitment to quality and yielding economic advantages for our customers and stakeholders.