Service providers finalize Asia Pacific subsea JV

Offshore staff

(Paris)-French engineering and construction services company Technip and subsea engineering firm Subsea 7 have recently signed the final agreement for the formation of a jointly-operated company for subsea activities in the Asia Pacific region.

The JV, known by the name Technip Subsea 7 Asia Pacific Pty Ltd., will not operate in India and the Middle East. Business activities for the new venture will commence on July 1, 2006.

The deal will reportedly take advantage of both companies' presence in the Asia Pacific market, and their respective strengths. Technip has engineering centers and business units in the region, including in China, Malaysia and Australia. Subsea 7 also has facilities in the region, which are used to support its ROV and ship fleet. Both companies have specialized vessels for pipeline installation and subsea construction.

5/16/2006