China Offshore Oil Engineering Co (COOEC), the engineering arm of state-run energy giant CNOOC, has announced that it plans to establish a joint venture with leading global EPC company Fluor.
COOEC and Fluor will invest $509.8m and $489.8m to get 51% and 49% equity shares in the joint venture respectively.
The joint venture will be dedicated to developing EPC service through COOEC’s facility in Zhuhai.
COOEC said the joint venture will allow the company to accelerate its development in international offshore projects and enhance the capacity of its Zhuhai facility.
In the meantime, COOEC said it plans to order an offshore engineering vessel with an investment of RMB383.3m ($60m)