Keppel's offshore unit to form joint venture with Russia's Rosneft
[SINGAPORE] Conglomerate Keppel Corp's offshore and marine unit signed a shareholders' agreement with Russian oil firm Rosneft and Norwegian drilling equipment firm, MHWirth, to set up a Singapore incorporated joint venture company.
The company will establish a design and engineering centre in the Russian Federation, with initial projects from Rosneft for work related to shallow water platforms, Singapore's Keppel Offshore and Marine said in a statement late on Thursday.
It will also seek work from other Russian and international customers.
Keppel O&M and Rosneft will have shares of 45 per cent each in the joint venture, while MHWirth will hold 10 per cent. The joint venture and the centre will adhere to existing US and European Union sanctions imposed on the Russian offshore oil and gas sector, it said.
The deal comes as Singapore's Prime Minister Lee Hsien Loong makes his first bilateral visit to Russia.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
SK Innovation expects solid Q2 refining margins, battery unit widen losses
BYD shares face earnings test as China’s EV price war heats up
Singtel expects S$3.1 billion impairment hit for H2; expects net loss
Singapore stocks decline at Monday’s open; STI down 0.3%
RBNZ says insurance may become unaffordable for high-risk homes
Don Agro enters preliminary agreements to sell four units for 4.5 billion roubles