Subsea Arctic, Black Sea: Technip Signs Russia J/V's

Technip signs two agreements with State Corporation Russian Technologies (Rostec) for subsea equipment production.

Technip and RT-Chemcomposite Holding Company, a Rostec subsidiary, signed a memorandum of understanding to express their intention to form a joint-venture (JV) company for subsea activities in Russia. Under the terms of this memorandum, the joint venture is a cooperation in the production of equipment for the oil and gas industry and in particular flexible composite pipes based on Technip’s technology. It allows to produce oil and gas at the depth of down to 3,000 meters and provides for speedy pipe laying operations. They will also intend to evaluate the possibility of establishing a research and development center.

Moreover, another agreement was executed between Technip and Rustechexport, another company operating under the umbrella of Rostec, whereby the parties set forth the main terms and conditions for a jointly-owned company they intend to establish to provide engineering, design, and turnkey construction for oil refinery, petrochemical and gas chemical production projects in Russia, including the facilities required for offshore oil field operations.

Thierry Pilenko, Technip’s Chairman and CEO, stated: “Cooperation with Rostec offers new business development opportunities for Technip in the Russian oil and gas market. We are delighted to reinforce a long-term industrial footprint in the country. The combination of Technip’s capabilities and extensive experience will enable the newly-formed companies to better serve their clients, in both the onshore and subsea businesses.”