The JV will be a limited liability company, owned and operated equally by Petrofac and Zamil with each partner making an initial cash investment of $530,000. Limited additional investment in plant and equipment will be met equally by the partners.
Petrofac’s interests in the new venture will be overseen by its mechanical services operation, part of the Offshore Engineering & Operations business, which already operates similar facilities in UAE.
The service centre will provide a range of capabilities covering oilfield and process plant equipment. The activities will include the overhaul, maintenance and repair for process equipment as well as the manufacture of spare parts, component reconditioning, assembly of third-party equipment and field-service support.
The alliance with Zamil will enable Petrofac to create a platform for the delivery of essential equipment maintenance and reconditioning services in the kingdom, and underline the group’s commitment to having a long-term presence in Saudi Arabia.
