Wednesday, 31 October, 2018
Nobel Oil and Wood enter into joint venture agreement in Azerbaijan
Nobel Oil and Wood have entered into a joint venture (JV) agreement to provide engineering and operations support services to the oil and gas market in Azerbaijan.
The JV will combine Wood’s engineering and technical services capabilities with Nobel Oil’s knowledge and expertise in the Caspian region. It will primarily support in the delivery of brownfield engineering, procurement and construction management contracts across a range of assets offshore Azerbaijan.
The JV was completed in an official ceremony in Baku on 31 October, attended by senior representatives from Wood, Nobel Oil and other companies operating in the market as well as UK Trade & Investment and the British Ambassador Dr. Carole Crofts.
Dave Stewart, CEO of Wood’s Asset Solutions business in Europe, Africa, Asia & Australia, comments: “Wood is committed to expanding our presence in Azerbaijan, seeking new opportunities to provide our services and building partnerships to become a leader in the local supply chain, supporting the needs of our customers. Joining forces with Nobel Oil will not only grow our engineering capabilities in-country but also provide training and development opportunities for the Azerbaijani workforce.”
Vugar Samadli, CEO of Nobel Oil stated: “Establishment of the joint venture is a significant step which will contribute to the future development of the oil and gas industry of Azerbaijan. The new joint venture will unite the expertise and capabilities of both companies in order to provide customers with high-quality services. I believe this partnership will be beneficial for both companies and the whole industry."
Wood is a global leader in the delivery of project, engineering and technical services to energy and industrial markets. Wood operates in more than 60 countries, employing around 60,000 people, with revenues of over $10 billion. In 2016, Wood secured a $500m five-year contract to deliver engineering services across eight BP-operated facilities offshore Azerbaijan, creating 200 jobs.
Nobel Oil Services is a diversified group of companies specialized in oil and gas industry. Companies operating within Nobel Oil Services provide drilling, construction and project management as well as equipment maintenance, procurement and enhanced oil recovery services, successfully expanding their activities in these fields. Nobel Oil Services adheres to the highest standards of both operational and financial performance.