Azerbaijan-based drilling and well services management company Socar AQS has entered an agreement with UK oil and gas services company KCA Deutag to establish a new offshore and onshore joint venture (JV) in the country, the Turan Drilling & Engineering Company.
Turan Drilling will focus on existing and future opportunities in the offshore and onshore Caspian drilling and engineering market. It will be jointly owned and managed by both the companies.
Located in Baku, Azerbaijan, Turan Drilling will oversee business development in the provision of oil and gas well drilling and engineering services in the Caspian Offshore as well as Central Asia.
KCA Deutag CEO Norrie McKay said: “This is an exciting step in the group’s strategy to develop our business in the Caspian region.
“It brings together two businesses with complementary skill sets, which we believe will strengthen our offering to clients, and enable us to jointly expand our footprint in the region.”
Turan Drilling is expected to assist both companies to work collaboratively and grow their operations in Azerbaijan.
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The company will also invest in the local community through the employment and development of Azerbaijani nationals and services.
Socar AQS general director Ramin Isayev said: “The JV we have established today will be the Azerbaijani company, which integrates the capabilities and experience of Socar AQS and KCA Deutag, operating in full compliance with all international standards and best practices.
“This company, which will provide the most advanced drilling and engineering services for its customers, will play an important role in the development of the drilling industry in the country and the region.”
KCA Deutag currently offers design, construction support, platform services, commissioning and brownfield engineering services through its RDS and Offshore business units.