Keppel to build jv yard in Mexico

 

Singapore: Keppel Offshore & Marine has signed a Memorandum of Understanding with Mexico’s PEMEX Exploracion y Produccion (PEP) and P.M.I. Norteamérica, S.A. de C.V. (PMI), both subsidiaries of Mexico's national oil company, Petroleos Mexicanos (PEMEX).
 
The MOU is to jointly develop, own and operate a yard facility in Mexico, the first phase of which is to support the construction of six KFELS B class jackup drilling rigs for PEP.
 
Tong Chong Heong, CEO of Keppel O&M said, "We have been a strong supporter of PEMEX's oil and gas programme with some 19 projects delivered or on order for Mexico presently. This MOU reinforces Keppel O&M's Near Market, Near Customer strategy and places us in a strong position to capture opportunities from the continued growth of the Gulf of Mexico. Through our partnership with PEMEX, we will be able to tap each other's technological expertise and know-how to provide comprehensive world-class solutions for the Mexican market.
 
"The yard will not only provide local content to support the industry's growth in Mexico but also employment, training and skills development for the local workforce through Keppel O&M's training and development schemes."
 
PMI and Keppel O&M intend to establish a joint venture company (PMI-KOM JVC) to be the principal investment vehicle through which both parties would cooperate in various business opportunities that may be agreed upon. The first opportunity identified is the establishment of the yard to service the offshore oil & gas industry in Mexico.
 
To be located strategically in the Port of Altamira along the coast of the Gulf of Mexico, the proposed yard will help to further develop Mexico's offshore hydrocarbon potential, meeting both the growing needs of the local oil & gas industry and the international clientele operating in the Gulf. 
The total yard development cost will be around $400m, with the first phase estimated at about $150m.  [07/10/13]

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