Offshore staff
BUENOS AIRES, Argentina -- Socotherm Americas has finalized a new JV with US-based Group La Barge Pipe & Steel Co. to build and operate a new pipe coating and insulation plant to serve the Gulf of Mexico deepwater market.
The new plant will be located in Channel View, Houston and is expected to be completed in the first half of this year.
The plant will supply the Socotherm five layers Syntactic Polypropylene thermal insulation system, a modified polypropylene matrix filled with hollow glass micro-spheres (Wetisokote) to serve new deepwater projects in the GoM. The plant also will provide 3-layer polyolefin external anti-corrosion coatings (Plastykote) for pipes up to 48-in. diameter.
Socotherm USA., 100% owned by Socotherm Americas, will hold a 51% interest in the new JV.
"This is the first important action finalized by Socotherm Americas thanks to the funds collected during its IPO of last November," says Zeno Soave, Socotherm Americas chairman and CEO.
"Oil companies have requested our presence in the Gulf area to offer an alternative technology to a product offered by a Canadian competitor in the area."
01/24/2007
