SOCAR, Dutch Fugro agree to establish new joint venture
Baku, Azerbaijan, Dec.24
By Emil Ismayilov - Trend:
The State Oil Company of the Azerbaijan Republic (SOCAR) and Fugro have reached agreement to form a new Joint Venture for the performance of bathymetric, geophysical and geotechnical surveys, Fugro said in its website.
According to Fugro, the Joint Venture will also provide autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs), diving services and general positioning support, both onshore and offshore, throughout the Republic of Azerbaijan.
The agreement to form SOCAR-FUGRO LLC, in which SOCAR has a 51% interest and Fugro a 49% interest, builds upon the original agreement signed in 1995 to establish Azeri-Fugro Ltd.
Azeri-Fugro JV provides the Caspian Sea oil industry with a wide range of exploration, geotechnical and environmental services required for oil exploration (intelligence industry), referring to the experience of the Fugro Group of companies to gain access to a wide range of specialist knowledge and resources present under any of its operating group companies.