Norwegian oil services company Aibel and subsea services provider Reach Subsea have agreed to enter into a formal cooperation agreement for a range of projects.
According to Reach Subsea’s Oslo Stock Exchange filing on Thursday, the pair will cooperate for projects within subsea oil and gas, renewables, ship and rig repairs and decommissioning of existing platforms/subsea structures and other offshore installations.
Aibel and Reach Subsea are operating within the same market segments, however with a different client base and contracting approach, Reach said on Thursday.
“As each party’s core business complement each other, a formal cooperation agreement will strengthen both parties’ ability to provide a more comprehensive and competitive product. This will give each party a possibility to be qualified for and execute projects, which each party cannot provide alone,” Reach further explained.
The subsea services company also noted that the parties would utilize resources from both parties in the best way to be able to undertake complex projects that might require project management, engineering, fabrication & installation, mechanical completion, commissioning/de-commissioning and ROV marine services and operations.