Shoaibi Group, GMS in Joint Venture

Tuesday, July 28, 2009

A new joint venture between Saudi Arabia’s Shoaibi Group (SG) and the UAE’s Gulf Marine Services (GMS) has been created to provide offshore barge operation services.  The new company, named “Gulf Maritime Services Saudi Arabia Ltd” (GMSSA), will be based in Al Khobar, Saudi Arabia, and will allow the JV partners to expand their off-shore operations of barge charters and avail from the scale of opportunity and future potential for all offshore areas arising in the region.

Gulf Marine Services is currently the largest elevating support vessel operator in the Middle East, supplying a modern fleet of self propelled barges to the oil and gas market.  Shoaibi Group have unmatched expertise in the oil and gas market in Saudi Arabia.  The new JV will, therefore, capitalize on this expertise, and on the substantial offshore capital expenditure forecast for the region.

GMSSA is set to provide floating or self-elevating offshore platforms, which will be used by oil companies for offshore well maintenance, construction and accommodation.  Specifically, it will cover the following services:  well intervention and workover operations; well completion and well testing operations; offshore cranage and heavy lifting services; diving operations; topside construction and maintenance activities; and temporary offshore accommodation, including hotel services.

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