SBI Offshore, a provider of engineering, fabrication and equipment solutions to the offshore and marine industry, has terminated its joint venture with Axon Energy Products Inc. (Axon), an oilfield services company headquartered in Houston.
SBI Offshore and Axon formed the joint venture company Axon Rig Concept & Design Asia Pte. Ltd. (ARCDA) in Singapore, in July 2014. At the time, the two companies agreed for SBI Offshore to hold 70% stake in the joint venture company, and for Axon to hold the remaining 30% stake.
The joint venture company was formed to market, install, commission and provide after-sales services for oil and gas drilling equipment and systems in Asia.
According to SBI Offshore’s press release on Wednesday, SBI Offshore and Axon have mutually agreed to terminate the joint venture.
SBI Offshore says that ARCDA is currently a dormant company which is wholly owned by it and, after the termination, ARCDA will remain its subsidiary.
Offshore Energy Today Staff