US contracting firm McDermott International has signed a joint venture (JV) agreement with Zamil Offshore to target the maintenance, modifications and operations (MMO) market in Saudi Arabia.
McDermott and Zamil will work together on an exclusive basis to provide Saudi Aramco with comprehensive offshore brownfield engineering, procurement, construction and installation (EPCI) solutions and asset maintenance services.
The new JV will be positioned to offer integrated, cost effective MMO services, to address the rising market demand in Saudi Arabia, the company said in a statement.
"Building on the strengths and distinguished track-record of both companies, we will enable our customers to maximize the performance of offshore assets by increasing reliability and production uptime," Linh Austin, McDermott's senior vice president, Middle East and North Africa, said.
The JV supports McDermott's long-term growth plans in Saudi Arabia and is expected to significantly contribute to the in-Kingdom Total Value Add (IKTVA) program and local content commitments.
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