Fugro Signs Joint Venture Agreement with SOCAR
Fugro has reached agreement with The State Oil Company of the Azerbaijan Republic (SOCAR) to form a new Joint Venture for the performance of bathymetric, geophysical and geotechnical surveys, the provision of autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs), diving services and general positioning support, both onshore and offshore, throughout the Republic of Azerbaijan.
The agreement to form SOCAR-FUGRO (FUR.AS) LLC, in which Fugro has a 49% interest and SOCAR a 51% interest, builds upon the original agreement signed in 1995 to establish Azeri-Fugro Ltd. when Fugro first commenced operating in the Caspian region.
Over the last two decades Fugro has firmly established itself as the leading player in the offshore survey and geotechnical markets in Azerbaijan. In addition, Fugro provides underwater support to oil and gas companies and major EPC contractors with a modern fleet of AUVs and ROVs. Fugro currently operates offices and workshops in Baku with more than 50 permanent staff.
SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas and gas condensate, marketing petroleum and petrochemical products in domestic and international markets and supplying natural gas to industry and the public in Azerbaijan. Three production divisions, two oil refineries and one gas processing plant, an oil tanker fleet, a deep water platform fabrication yard, two trusts, one institution and 22 subdivisions are operating as corporate entities under SOCAR.
Formal establishment of the new company requires standard regulatory approval which is expected shortly.