Swiber, Rawabi form JV construction company

Swiber Offshore Construction has formed a joint venture with Rawabi Holding.

Offshore staff

SINGAPORE -- Swiber Offshore Construction has formed a joint venture with Rawabi Holding. Under the JV agreement, Swiber Offshore Construction and Rawabi Holding will establish a 50/50 joint venture company, Rawabi Swiber Offshore Construction Co. based in Al-Khobar, Saudi Arabia.

The two will jointly cooperate to provide services for offshore construction and bid for engineering, procurement, construction, installation, and commissioning (EPCIC) projects in Gulf Cooperation Countries (GCC). The GCC includes countries such as Saudi Arabia, Kuwait, Bahrain, Qatar, United Arab Emirates, and Oman.

"Apart from giving us a stronger market presence in the GCC, the JV also unites the respective strengths of our two companies, creating a potent alliance to provide existing and future customers with a consolidated source of expertise for turnkey solutions to the offshore oil and gas industry," says Raymond Goh, executive chairman and CEO of Swiber.

"We believe that there will be substantial business generation potential arising from our joint venture, especially given the sea of offshore opportunities in the GCC."

10/14/2008

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