Hong Kong-listed TSC Group has announced that it has entered into an agreement with Offshore CC FZE to form a joint venture.
The jv company, OIM, has been incorporated in Singapore and will have operations in Norway and UK, will focus on plug and abandonment operations on offshore oil wells and decommissioning platform removal.
TSC said the jv’s objective is to provide a much needed cost effective and practical solution for the rapid growing demand for P&A and decommissioning operations, and the group will be able to gain access to higher standards of operations required in the North Sea and mitigate the medium term risks of low oil and gas prices.
TSC and Offshore CC FZE will hold 70% and 30% equity shares in the jv respectively.
