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Sunday, October 23, 2016

Norway's Kvaerner and China's COOEC form Joint Venture

July 2, 2014

China Offshore Oil Engineering Company (COOEC) and Norway's Kvaerner (KVAER.OL) are setting up a joint venture in China to conduct oil engineering projects worldwide in the second international cooperation deal for the Chinese firm in six months.

In December last year COOEC set up a joint venture with French oil services group Technip to provide engineering and equipment for deepwater oilfields off China.

"Kvaerner will bring international management, tools and working methods while COOEC is providing a team of experienced offshore engineers," Zhou Xuezhong, president and CEO of COOEC, said in a statement.

In April the firms signed a 10-year strategic cooperation agreement to develop business projects together in the oil sector. The new company will be based in Qingdao, Shandong province.

(Reporting by Gwladys Fouche; editing by Jason Neely)

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