London Offshore Consultants (LOC), the UK-based global marine and engineering consultancy, today announced further expansion in Asia Pacific with the opening of a new office in Vietnam.
The new office in the port of Vung Tau, which will formally begin operations in May, will be managed by Kenny Ong, who is highly experienced in major offshore oil and gas projects across Asia, especially in Vietnam.
The office will provide oil majors, contractors, underwriters, and other insurers operating in Vietnam’s oil and gas sectors with specialist consultancy services for planning, design and execution of complex, high-value marine and energy-based operations.
LOC’s expertise is in the construction, marine transportation, and installation of structures onshore and, in particular, offshore. The group offers technical consultancy such as front-end advice on new technologies, assessing viability of proposed operations, approving such operations, and monitoring their execution. Investigating operational problems is also covered by LOC’s remit.
LOC’s client profile in Vietnam is oil majors including the national oil company, PetroVietnam, and its various arms, and international and national offshore contractors working in Vietnam. These include both domestic underwriters and the international insurance market, particularly those insuring either the oil major or the project contractor.
LOC Vietnam is wholly owned by the LOC Group and overseen by Regional Director, Jon Walker, who said: “We have witnessed the astonishing growth of the oil and gas industry in Vietnam over recent years. We believe this growth will continue and we look upon Vietnam as a crucial part of LOC’s expansion in Asia to complement our existing operations in the region.”
He explained: “Our decision to set up in Vietnam was driven by three factors. First, new offshore developments in the pipeline and a key client who wishes us to cover their projects in Vietnam. Second, Vietnam like other Asian countries is increasingly keen to use local content in its oil and gas sectors. Third, we have been asked many times to bid on Vietnamese contracts but – until now – we had not been locally competitive due to travel cost components.”
“I have been tasked with enhancing our profile in Vietnam by increasing our portfolio of services with existing clients as well as seeking new opportunities,” said Ong. “My key goals for the first year are threefold. Win Vietnam-based offshore contracts, either providing marine warranty services or consultancy. Engage and develop local talent to undertake the work we do. And show a profit.”
Summarising long term objectives, Mr Ong said: “Ultimately, LOC’s main goal in Vietnam is to be the number one preferred consultancy in our fields.”
Walker confirmed feedback from within Vietnam’s oil and gas markets about the office launch has been extremely positive. “We have been encouraged to commit to Vietnam and we have obeyed the call. We can now bring the expertise we are sought for at competitive prices.”
LOC Vietnam will be located at Suite No.489, Petro Vietnam Towers, 8 Hoang Dieu Street, Ward 1, Vung Tau City.
Press Release, March 5, 2013