Mubadala, PSN establish JV in Abu Dhabi

Mubadala Development Co. and Production Services Network (PSN) signed a joint-venture agreement to establish a new company in Abu Dhabi called PSN Emirates.

Offshore staff

ABU DHABI-- Mubadala Development Co. and Production Services Network (PSN) signed a joint-venture agreement to establish a new company in Abu Dhabi called PSN Emirates.

PSN Emirates will provide operations and maintenance contracting services to the upstream and downstream oil and gas industry. It will also provide services to onshore and offshore brown-field production facilities including engineering, procurement, construction, front end engineering design, project management, turnaround engineering management, and start-up management.

"The operating model of PSN Emirates is new to Abu Dhabi and the Gulf Cooperative Council region," said Waleed Al Mokarrab Al Muhairi, COO of Mubadala. "This approach, which has been successful in North America and the North Sea, brings a bold new chapter for the region's oil and gas industry."

PSN Emirates will be officially launched upon completion of formal establishment requirements.

02/18/08

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