By the OGJ Online Staff
LONDON, May 4 -- PGS Production Services, the North Sea operations management arm of Norway's PGS Group AS, Friday completed the takeover of Joint Venture International, the UK maintenance, modification, and operations company it helped set up in 1991.
The takeover, secured through the purchase of the 40% stake held in JVI by Salamis Marine & Industrial Ltd., aims to strengthen PGS's engineering and construction capabilities for international oil, gas, and petrochemical clients, and open the door to further business expansion in the Asia Pacific region, where JVI draws in 40% of its revenue.
"This acquisition marks the latest milestone for PGS Production Services in its growth strategy to meet the operations management requirements of expanding overseas markets," stated Jim Atack, the PGS Production Services's managing director. "With a long-term commitment to the Asia Pacific region, we believe the consolidation of services will be of huge benefit to our clients."
Atack said the takeover would fuse JVI's project management, maintenance, engineering, and construction capabilities with PGS Production Services' portfolio of services for engineering and operations management.
JVI has 400 staff at offices in Aberdeen, Scotland, and Essex, England, and another 400 in Brunei and Malaysia handling its regional onshore and offshore engineering contracts. PGS Production Services employs 500 offshore on North Sea installations and 500 at various offices in the UK.
